03.11.202515:00:08UTC+00DAX Extends Gains

On Monday afternoon, Germany's DAX index showed notable gains, approaching the 24,200 level, and surpassing its European counterparts. This upward trend was driven by optimism surrounding a potential resolution to the ongoing semiconductor shortages, which boosted auto industry stocks. Reports suggesting that China might ease its Nexperia export restrictions resulted in shares of Mercedes-Benz, Volkswagen, and BMW climbing between 1.3% and 2.2%. It's worth noting that Volkswagen indicated on October 31st that their annual financial projections are contingent upon adequate semiconductor supplies. Strong performances from Siemens Energy, which rose by 6%, Rheinmetall with a 3% increase, and a 2.3% uptick from SAP further bolstered the market. Additionally, the banking and financial sectors experienced gains. Investors remained focused on the earnings season while also evaluating recent economic data releases from both Europe and the United States. Domestically, final PMI figures reaffirmed that Germany's manufacturing sector continued to contract in October.