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DAX Edges Higher On Recovery Optimism

(RTTNews) - German stocks advanced on Wednesday after overnight data showed U.S. retail sales bounced back in their biggest month-to-month jump ever on record in May, adding to optimism about an economic recovery.

Signs of more U.S. stimulus and renewed hopes for a coronavirus vaccine also helped offset fears of further lockdowns due to a new outbreak in China.

The benchmark DAX rose by 76 points, or 0.62 percent, to 12,392 after rallying as much as 3.4 percent the previous day.

Automakers BMW, Daimler and Volkswagen were modestly higher after industry data showed Europe's car registrations fell at a softer rate in May.

Passenger car sales declined 52.3 percent year-on-year in May, following a 76.3 percent fall in April, the European Automobile Manufacturers Association reported. In March, sales fell 55.1 percent.
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