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DAX Rebounds On Growth Optimism

German stocks rebounded on Tuesday amid optimism over economic and earnings growth.

The benchmark DAX climbed 134 points, or 0.9 percent, to 15,267 after losing 2.6 percent in the previous session on worries about the spread of the highly contagious coronavirus variants in more countries.

Banks were moving higher, with Commerzbank rising 1.3 percent and Deutsche Bank climbing 1 percent.

In economic releases, German producer prices grew 8.5 percent on a yearly basis in June, bigger than the 7.2 percent rise posted in May, data published by Destatis revealed.

Economists had forecast an increase of 8.4 percent. This was the fastest rise since January 1982, when prices grew sharply amid second oil crisis.

On a monthly basis, overall producer price inflation eased to 1.3 percent from 1.5 percent in May. The rate was expected to slow to 1.1 percent.

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