DAX Adds to Gains Helped By Adidas, Financials

germany 600X300The Dax closed the week in positive fashion, ending up 0.61% at 10,337.50, and for the week the index gained 2%. Germany’s June Retail Sales fell -0.1% month-over-month, as expected (last 0.7%); but was higher by 2.7% year-over-year (consensus 1.3%; last 2.8%).

A big winner today was German sportswear firm Adidas AG, which now expects currency-adjusted sales to grow at a percentage rate in “the high teens,” up from the 15% it had earlier projected. The company forecast net profit should increase at a rate of between 35% and 39%, reaching a number between €975 million ($971.16 million) and €1 billion for the full year. The company’s previous estimate was for a 25% net profit rise.

Adidas, along with Deutsche Bank, Bayer, BMW, Volkswagen helped pace the gains today. European banks are due to release stress test results this weekend and will be under the investor microscope come early next week. Expect some fireworks there, as there’s sure to be some fallout from the recent Brexit.

Shares of iShares MSCI Germany (NYSE:EWG) are currently up $0.21 to $25.63. Shares of EWG are down 2% year-to-date.

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