DAX Rises As Omicron Fears Abate

(RTTNews) - German stocks advanced on Thursday as South Africa's noticeable drop in new Covid-19 cases in recent days coupled with new studies suggesting reduced risks of hospitalization and severe disease in people infected with the Omicron variant versus Delta helped lift sentiment in markets around the world.

The benchmark DAX inched up 37 points, or 0.2 percent, to 15,630 after rallying 1 percent in the previous session.

Automakers gained ground, with BMW, Daimler and Volkswagen rising between half a percent and 0.7 percent.

Travel-related stocks also rose, with airline Lufthansa climbing 2.5 percent.

Continental AG added 1.6 percent. Its CEO told a magazine that the automotive supplier could hit the upper end of its profit margin outlook in 2021.

Internet services firm United Internet fell over 1 percent after CEO Ralph Dommermuth increased his equity ownership of the firm to over 50 percent.