BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks advanced on Thursday after China's exports saw a surprise 3.5 percent rise in April despite the global impact of the coronavirus pandemic, reflecting a faster-than-anticipated recovery in production.
Closer home, German industry's production expectations are now at their lowest level since reunification in 1990 and they expect a historic collapse in output, due to the adverse impact of the coronavirus, the think tank ifo said.
The corresponding ifo index for the next three months plunged to minus 51.4 in April from minus 21.4 in March. The 30 points decline in April was worse than the 22.7 points fall in March.
Separately, preliminary data from Destatis revealed that German industrial production dropped a seasonally and calendar-adjusted 9.2 percent month-on-month in March, which was the worst decline since the time series began in January 1991. Economists had expected a 7.5 percent fall.
The benchmark DAX rose by 83 points, or 0.78 percent, to 10,688 after losing 1.2 percent the previous day.
Zalando shares soared 10 percent after the online retailer said it expects double-digit growth in 2020 on the back of rising consumer demand.
Biopharmaceutical company MorphoSys jumped 14 percent after reaffirming its financial guidance for 2020.
HeidelbergCement tumbled 3 percent after the company warned it expects a 'significant dent' in 2020 profits due subdued construction activity in the wake of the coronavirus pandemic.
Sportswear firm Puma surged 4 percent after its first-quarter sales declined less than analysts had feared.
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