16 July
German stocks rise after tax cut measures approved — Bloomberg
According to Bloomberg, European stock markets extended gains for a second consecutive trading day. Germany’s DAX index reached an all-time high following the government's approval of a €46 billion ($52 billion) corporate tax relief package.
Data from Investing.com shows the Stoxx Europe 600 index closed 0.5% higher in London, after climbing as much as 0.7% during the day. The DAX gained 0.8%, buoyed by the tax cut announcement. Notable movers included Infineon Technologies shares, which surged 4.21% to €35.81 ($40.87). At the same time, Deutsche Bank declined 1.66% to €24.04 ($27.44).
Alexandre Hezez, Chief Investment Strategist at Group Richelieu, noted that Germany is currently leading eurozone growth momentum. In his opinion, ongoing interest rate adjustments by the European Central Bank (ECB) will further bolster economic confidence across the region.
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