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Wednesday, 20 January 2021

Stocks: DAX highs, Daimler slows

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Stocks: DAX highs, Daimler slows
Stocks: DAX highs, Daimler slows

European shares rose on Wednesday on China's response to the coronavirus outbreak, and German stocks hit record highs.

Daimler and Burberry earnings were also in focus.

David Pollard reports.

As China endeavors to contain the spread of the coronavirus, share markets were endeavoring to contain their nerves over the outbreak ... And on Wednesday were largely succeeding.

Following through on a positive session in Asia, most of Europe's bourses edged into the black - the DAX in Germany even managing a new record high.

Earnings and earnings outlooks provided extra focus.

Gains in software maker SAP were the main boost to Frankfurt's shares after a strong outlook from IBM.

Airbus rose to record highs, after Boeing warned of new issues with its 737 MAX.

There were disappointments.

Despite its Hong Kong sales halving last year, Burberry raised full-year forecasts - but the British luxury label still saw its shares slide over 2 per cent anyway.

And back in Germany, Daimler slipped after issuing its third profit warning for 2019 - dieselgate, the costly shift to electric and production issues all weighing on earnings.

Hyundai by contrast was upbeat.

SUV sales helped power the Korean car maker to its best quarterly operating profit in over two years.

That news triggering an eight per cent surge in its share price, by the market close.

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