BRUSSELS (dpa-AFX) - German stocks moved higher on Tuesday as oil prices fell amid Middle East peace hopes following Iran and Israel agreeing to halt attacks against each other.
Data showing an increase in Germany's industrial output in the month of April, and a faster pace of growth in exports contributed as well to the positive sentiment in the market.
The benchmark DAX was up 129.56 points or 0.53% at 24,771.41 a little over half an hour before noon.
Symrise climbed more than 5%, topping the list of gainers in the benchmark index. Infineon Technologies moved up 3.75% and Deutsche Bank rallied 2.5%.
Henkel, Beiersdorf and Commerzbank gained 2%-2.2%. Adidas, Zalando, Allianz, Gea Group, Munich RE, Heidelberg Materials, Continental and Deutsche Post advanced 1%-1.7%.
BASF, Scout24, Bayer, SAP and Brenntag shed 0.9%-1.4%. Daimler Truck Holding, Qiagen and Siemens Energy posted modest losses.
Data from Destatis showed Germany's exports increased unexpectedly in April, rising 0.9% month-on-month following March's 0.3% increase. Economists had forecast exports to fall 0.3%. Meanwhile, growth in imports eased notably to 1.2% from 4.5%.
As growth in imports outpaced exports growth, the trade surplus fell to EUR 14.5 billion in April from EUR 14.7 billion in March.
On a yearly basis, exports logged an increase of 3.6% compared to 6.6% in March. At the same time, imports advanced 6.3% after rising 10.4% in the prior month.
A separate data from Destatis showed Germany's industrial production rose 0.4% month-on-month in April, rebounding from a 0.1% drop in March. Annually, industrial production fell 0.5% in April, following a 3.4% drop in March.
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