Germany's stock market saw a rise on Wednesday, fueled by encouraging earnings reports from Siemens Energy, Puma, and Henkel. Investors appeared unfazed by reports that the country's industrial production dipped in March due to decreased output of consumer and intermediate goods.
Germany's Federal Statistical Office, Destatis, reported a monthly decrease of 0.4% in industrial production -- a contrast to February's increase of 1.7%. This marked the first decline this year, but was less severe than the predicted fall of 0.6%.
The DAX, Germany's benchmark stock index, increased by 103 points or 0.6%, reaching 18,533 points. This comes after a 1.4% rise in the previous session.
Siemens Energy, manufacturer of power equipment, saw a significant boost in its shares, soaring by 11.2%. This increase comes after the company reported robust quarterly results and raised its 2024 guidance. Puma, the sportswear giant, also saw its shares rally by 5.4% after meeting Q1 sales expectations.
Meanwhile, the consumer goods powerhouse, henkel enjoyed a 2.3% rise in shares. This followed the announcement that the company had raised its sales and earnings outlook for 2024.
In contrast, automaker BMW saw its shares drop by 2.8% after predicting a slight decrease in pre-tax profit for this year.