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DAX Climbs On Economic Optimism

German stocks were sharply higher on Thursday, with encouraging economic data from across the globe coupled with hopes of a vaccine for Covid-19 helping boost sentiment ahead of the all-important U.S. jobs data due tonight.

The benchmark DAX jumped 262 points, or 2.1 percent, to 12,523 after declining 0.4 percent in the previous session.

Automakers led the surge, with BMW, Daimler and Volkswagen climbing 3-4 percent.

Lender Commerzbank surged 5.4 percent and Deutsche Bank advanced 3.6 percent.

Fashion house Hugo Boss rallied 3.5 percent after it appointed Tommy Hilfiger executive Oliver Timm as its chief sales officer.

Scandal-hit Wirecard plunged 28 percent. Police and prosecutors have raided the headquarters of the beleaguered payments firm as part of a fraud investigation relating to its £1.7bn accounting black hole.

In another development, bankruptcy administrators for the company have begun the process of selling some of its businesses.

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