BRUSSELS (dpa-AFX) - Despite concerns about inflation and the ongoing Middle East conflict, the German stock market gained notable ground in positive territory on Wednesday as investors focused on earnings updates and regional economic data.
Investors also looked ahead to the upcoming meeting in Beijing between U.S. President Donald Trump and Chinese President Xi Jinping.
The benchmark DAX, which climbed to 24,224.61 earlier in the session, was up 139.04 points or 0.58% at 24,113.71 a few minutes before noon.
Merck gained 8.5% and Infineon climbed up 6.1%. E.ON climbed 3.4%. The utility giant's stock moved higher, buoyed by the announcement of a planned acquisition of U.K. energy supplier OVO.
Shares of insurer Allianz climbed nearly 2%, lifted by a record profit in the first quarter thanks to sale of stakes in joint ventures in India.
Deutsche Telekom, Europe's biggest phone carrier, added 1.5% after lifting its full-year guidance.
Rheinmetall shed about 3.1%. Porsche Automobil Holding, Fresenius, Heidelberg Materials, Qiagen, Fresenius Medical Care, MTU Aero Engines, Beiersdorf and SAP lost 1%-2%.
RWE's first-quarter earnings totaled EUR20 million, or EUR0.03 per share, compared with EUR791 million, or EUR1.07 per share, last year. The stock drifted down marginally.
Brenntag fell 1.6% after reporting first-quarter net profit of Euro 98 million, compared with Euro 135 million in the year-ago quarter. Earnings per share dropped to Euro 0.68 compared with Euro 0.93 a year earlier.
In economic news, data from Destatis showed German wholesale prices increased 6.3% on a yearly basis in April, following March's 4.1% increase, as the U.S.-Iran warn lifted energy and raw material prices. The latest inflation was the highest since February 2023.
Eurostat confirmed that the Eurozone economy grew by 0.1% in the first quarter of 2026 compared to the previous quarter.
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