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DAX Edges Higher In Cautious Trade

(RTTNews) – German stocks traded firm on Tuesday after a growing body of evidence showed that the Omicron Covid variant, first found in South Africa in November, is less severe than earlier coronavirus variants.

Meanwhile, Germany’s unemployment rate dropped marginally in November, data published by Destatis showed.

The jobless rate dropped marginally to 3.2 percent from 3.3 percent in October, according to the calculations based on the labor force survey. In November 2020, the rate stood at 4.1 percent.

On an unadjusted basis, the unemployment rate came in at 3.0 percent versus 3.8 percent in the same period last year. The number of unemployed totaled 1.39 million, which was a minor decline of 12,600 or 0.9 percent from October.

The German DAX rose 36 points, or 0.2 percent, to 16,057 after climbing 0.9 percent to close at a six-week high in the previous session.

Nordex Group, a wind turbine maker, rose about 1 percent. The company said that it has received an order for 380 MW wind turbines from Finnish utility company Fortum for Pjelax-Böle-Kristinestad Norr wind farm cluster in Finland.

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