BRUSSELS (dpa-AFX) - German stocks opened on a firm note Monday morning as trade war concerns eased after the U.S. and the European Union agreed on a trade deal. However, the market pared most of its gains subsequently as investors look ahead to some crucial earnings updates and economic data this week.
Several big name companies such as Mercedes-Benz, BASF, Adidas, Siemens Healthineers, BMW, Porsche, Heidelberg Materials, Lufthansa and Covestro are scheduled to announced their results later this week.
On the economic front, German jobs data and retail sales report are due this week. The U.S. Federal Reserve's interest rate decision is also due this week.
U.S. President Donald Trump announced on Sunday that and EU have 'reached a deal' as per which America will impose a 15% tariff on products coming into the country from EU.
'We have reached a deal. It's a good deal for everybody,' Trump said. EU chief Ursula von der Leyel also reportedly hailed a 'good deal' with America.
In an interaction with media in Scotland, Trump announced that the EU had pledged additional investments of $600 billion in the US, alongside energy purchases amounting to $750 billion.
The benchmark DAX, which surged to 24,501.20 early on in the session, pared most of its gains subsequently and was up 51.17 points or 0.21% at 24,284.25 a little while ago.
Infineon Technologies and MTU Aero Engines are gaining 2.3% and 2.2%, respectively. Vonovia is rising 1.7%, while Sartorius, Deutsche Post, Merck, Hannover Rueck and SAP are up 1 to 1.3%.
Siemens Healthineers, Symrise, Siemens, Allianz, Munich RE, Qiagen and Fresenius are up with modest gains.
BMW is down by about 1.7%. Rheinmetall, Volkswagen, Mercedes-Benz, Porsche, Zalando and RWE are down 0.9 to 1.3%. BASF, RWE, Deutsche Boerse and Porsche Automobil Holding are modestly lower.
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