German stocks, on today, were more or less unchanged, mainly because of the late selloff which pared gains on the benchmark gauge of Germany, the DAX index. A report also came out showing that the retail sales in this European country have unexpectedly surged ahead, however, there are still concerns that the Euro-area debt crisis will deepen further.
The DAX has increased by less than 0.1% and is currently set at 7795.31. The gauge pared an earlier advance of around 0.7%. So far, in this month, the gauge has increased by 0.7%. In the first quarter of 2013, the gauge has advanced by 2.6%, mainly helped by the budget deal agreement of the US lawmakers and the good American hosing data. The broader HDAX Index increased by 0.2% on today.
From January, the retail sales in Germany, increased by 0.4%, according to the report published by the Federal Statistics Office. Incidentally, many economists felt that the same will decline by 0.6%; however, the actual result surprised everyone.
According to the Fund Manager of Ofi Gestion Privee, Jacques Porta, Germany is currently an island of protection in the entire Europe, particularly, under the current stressful situation. Jacques clearly stated that Germany is the preferred market for his firm in Europe. The fund is currently overweighting the German shares, if compared to the other European markets.
When it comes to Cyprus, the banks opened today for the 1st time in last 2 weeks. The new rules have curbed access to cash preventing an initial panic for withdrawing all the deposits. Currently, the Central Bank of Cyprus has imposed a daily limit of 300 Euro on withdrawals. Apart from that, restrictions have been imposed on the accounts outside the country as well.
The largest drug maker in Germany, Bayer AG has advanced by 1.6% on today and each share costs 80.47 Euros at this point of time. Bayer has increased by 6.1% on March. On the other hand, after 3 straight days of losses, RWE AG profited on today, after selling the Net4Gas unit. RWE shares advanced by 1.2% and is currently at 29.08 Euros per share. Wirecard AG increased by 3.9%, to its highest price since October, 2000, the last time it sold the shares to public. Daimler AG, on the other hand, experienced a slid of 2% to 42.45 Euros per share.