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FX.co ★ DAX Gains On Relief At French Election Results

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typeContent_19130:::2024-07-01T10:02:00

DAX Gains On Relief At French Election Results

German stocks rallied on Monday as investors responded favorably to the initial round of the French election results.

The French far-right secured a notable win in the first round of parliamentary elections, though it fell short of expectations. The final outcome remains contingent on coalition agreements ahead of the second round next weekend.

Elsewhere, investors largely disregarded a survey indicating a setback in Germany's manufacturing sector at the close of the second quarter.

The HCOB final Purchasing Managers' Index (PMI) for German manufacturing dropped to 43.5 in June from 45.4 in May, aligning with a preliminary flash estimate.

The benchmark DAX rose by 95 points, or 0.5%, to 18,331, following a 0.1% increase on Friday.

Despite securing an order from Aquila Clean Energy for 123.9 MW in Spain, wind turbine manufacturer Nordex saw its shares fall by about 1%.

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