BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks rallied on Monday as investors cheered a slew of positive earnings results and S&P Global's decision to affirm Italy's credit rating.
Meanwhile, Germany reported just 1,018 new coronavirus cases on Monday, the lowest number since the early days of the outbreak more than six weeks ago.
The benchmark DAX jumped 218 points, or 2.11 percent, to 10,553 after declining 1.7 percent on Friday.
Deutsche Bank shares surged 11 percent. The bank said it expects to report first-quarter group profit before tax of 206 million euros and net income of 66 million euros, above market expectations.
The lender noted it will continue to work towards its 2022 targets of a 12.5 percent CET1 ratio target and 5 percent leverage ratio.
Bayer AG jumped 3.7 percent. The pharmaceutical and life sciences company said that its first-quarter net income increased 20 percent to 1.49 billion euros from last year's 1.24 billion euros.
The company said the Covid-19 pandemic led to higher demand and increased sales at some business units, partly due to inventory buildup, while the restrictions related to the pandemic are adversely impacting certain other business.
Adidas climbed 2.2 percent. The sportswear maker reported a 93 percent plunge in first-quarter profit and said it is still not able to provide an outlook for the full year 2020 that includes the coronavirus impact.
KUKA Group advanced 1.7 percent. The manufacturer of industrial robots and solutions for factory automation reported a first quarter loss before interest and taxes of 34.2 million euros compared to profit of 22.2 million euros, prior year.
Volkswagen gained 2.3 percent. The automaker announced that the Volkswagen Passenger Cars brand resumed vehicle production at its Wolfsburg plant starting Monday at 10 to 15 percent of capacity. The company plans to increase production to around 40 percent the following week.
Airline Lufthansa soared 7.3 percent after a German minister said it would need to be supported.
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