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DAX Rebounds Led By Banks And Tech Stocks

German stocks advanced on the final trading day of the month as U.S. tech giants Amazon, Apple, Facebook and Google all reported positive quarterly results, helping investors set aside worries about the long-running economic impact of the coronavirus pandemic. Upbeat economic data from China and Japan also helped underpin sentiment.

The benchmark DAX climbed 143 points, or 1.15 percent, to 12,522 after plunging 3.5 percent in the previous session.

Technology shares propped up the rally, with Dialog Semiconductor and Infineon Technologies rising about 3 percent each.

Banks Commerzbank and Deutsche Bank rose over 2 percent, while automakers BMW, Daimler and Volkswagen were moving lower as the euro reached its highest level in more than two years.

In economic releases, German retail sales growth accelerated more than expected in June after the relaxation of the coronavirus containment measures, data published by Destatis showed.

Retail sales grew at a faster-than-expected pace of 5.9 percent annually, following a 3.2 percent rise in May. Sales were forecast to advance 3 percent.

On a monthly basis, retail turnover decreased 1.6 percent after expanding 12.7 percent in the previous month. Economists had forecast a 3.3 percent decrease.

Compared to February 2020, the month before the outbreak of Covid-19 in Germany, the turnover in June was 1.4 percent higher.

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