DAX soars 300 pts after car sales jump in China

Tuesday, 11. August 2020 10:59

Major stock markets in Europe jumped on Tuesday after the China Association of Automobile Manufacturers (CAAM) reported that vehicle sales in the country surged 16.4% in July compared to the same month in the previous year.

The DAX in Frankfurt increased by 2.34%, or 294 points, at 11:05 am CET, as automakers BMW and Volkswagen each advanced over 3.5%, while automotive parts manufacturer Continental soared over 6%. London's FTSE 100 was 2.16% up at 11:10 am CET, while the CAC 40 grew 2.60% at the same time. Renault and Peugeot each gained more than 3.5%.

The euro rose by 0.36% compared to the dollar at 11:18 am CET, trading at 1.17815. The British pound was 0.19% higher against the American currency, going for 1.30982 a minute later.

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Breaking the News / MS