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DAX Rallies Led By Banks

German stocks rallied on Wednesday as results from the U.S. midterm elections offered no surprise. A court ruling in Spain reversing stamp duty on mortgages also provided some relief.

The benchmark DAX was up 131 points or 1.14 percent at 11,615 in opening deals after closing 0.1 percent lower in the previous session.

Lender Commerzbank rallied almost 3 percent and Deutsche Bank gained 2 percent.

Fraport rose more than 2 percent. The company, which operates Frankfurt Airport, confirmed its FY18 outlook after reporting a 10.4 percent rise in net profit for the first nine months of fiscal 2018.

BMW Group shares fell nearly 2 percent. The automaker's third-quarter net profit declined by nearly 24 percent year-over-year to 1.405 billion euros due to higher research and development expenses.

Lighting group Osram Licht tumbled 2.6 percent after its comparable revenue for fiscal year 2018 rose by just under two percent.

Brenntag dropped 0.9 percent. The chemical distributor reported a rise in Q3 profit but operating EBITDA margin dropped to 33.1 percent from 34.2 percent last year.

Adidas lost 2.2 percent. The sports shoes, clothing and accessories giant has lowered its sales growth guidance for the year.

Flavors and fragrances company Symrise declined 2.5 percent after its earnings before interest, taxes, depreciation and amortization for the first nine months of 2018 declined 2 percent.

Axel Springer shed 1.5 percent despite the media holding firm posting higher sales and profit for the third quarter.

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