DAX Rallies Led By Automakers,banks

German stocks rallied on Tuesday as investors returned from a holiday extended weekend.

The benchmark DAX was up 133 points or 1.10 percent at 12,178 in opening deals, with easing trade tensions between the U.S. and Mexico as well as hopes of stimulus for China’s slowing economy helping underpin sentiment.

Investors shrugged off the latest data published by the Sentix research group showing that investor confidence in the Eurozone deteriorated sharply in June amid escalation in the U.S.-China trade dispute. The gauge slipped to -3.3 in June from 5.3 in May.

Automakers BMW, Daimler and Volkswagen were up between 1.2 percent and 1.7 percent as tariff worries eased.

Banks Commerzbank and Deutsche Bank were also sharply higher.

Luxury fashion house Hugo Boss jumped 4.4 percent after Morgan Stanley upgraded its rating on the stock.

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