BRUSSELS (dpa-AFX) - German stocks moved higher on Tuesday with renewed optimism surrounding Artificial Intelligence triggering some buying in the technology sector.
Data showing an unexpected increase in Germany's retail sales, lower oil prices and hopes that the European Central Bank will not hike interest rates anytime in the foreseeable future contributed as well to market's firm undertone.
Oil prices drifted lower despite clear divergences emerging in the statements from both sides regarding whether the U.S. and Iran would hold talks in Qatar today.
The benchmark DAX was up 251.66 points or 1.02% at 24,887.82 nearly half an hour before noon.
Siemens Energy climbed nearly 5% following the energy technology group's optimistic tone about orders during its third-quarter pre-closing conference call on Monday.
Siemens moved up 3.3% and Hochtief gained 3%. Infineon Technologies rallied 2.7%, while Bayer and Zalando gained 2% and 1.8%, respectively.
Daimler Truck Holding, Deutsche Post, Vonovia, Gea Group, MTU Aero Engines and Fresenius gained 1%-1.6%. Allianz, Heidelberg Materials, RWE, Commerzbank and Continental also posted notable gains.
Deutsche Telekom shed about 3.5%. Volkswagen and SAP drifted lower by 1.35% and 1.3%, respectively. Henkel, Adidas, BMW and Brenntag lost 0.5%-1%.
Data from Destatis showed Germany's retail sales increased 1.1% on a monthly basis in May, reversing a 0.4% drop in April. Sales in the food sector grew 1.1% and the non-food sector sales gained 1%. Online and mail-order sales increased 3.4% in real terms, data showed.
On a yearly basis, retail sales logged an increase of 1.8% after falling 0.6% in the previous month.
In nominal terms, retail sales moved up 1% from the previous month and grew 1.3% from the last year.
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