Daimler, VW, BMW rise on government aid hopes

Tuesday, 02. June 2020 16:24

Volkswagen, Daimler and BMW shares all jumped more than 5% on Tuesday as the investors await for the heads of the co-governing Social Democrats (SPD) and Angela Merkel’s Christian Democrats (CDU) to present the overall stimulus package for Germany later today. According to some media, it could total up to 100 billion euros.

Germany's new incentive measures would stand independent from the package of $750 billion that the European Union proposed last week but would focus on the local economy. According to some media, part of the measures will include incentives to spur the country's car industry.

The shares of Daimler AG jumped 7.97% to €36.05 at 4:04 pm CET. Bayerischen Motoren Werke AG (BMW) went up by 2.37% to €20.74 at the same time, while Volkswagen AG rose by 4% to €148.10 at 4:19 pm CET.

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Breaking the News / TF