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Solid Growth, Merger talk and Strong Earnings Power German Shares
The Frankfurt stock market's prime DAX index sailed past the key 7,000 points mark Wednesday (21 Feb) to reach its highest level in about seven years. The rise in the benchmark index came as corporate Germany's new reporting season gets underway and in the wake of optimism that Europe's biggest economy will be able to shake off any threats to growth posed by global economic expansion edging down this year. The last time the DAX breached 7,000 was in November 2000 at the height of the so-called New Economy boom in high-tech stocks. "The stock market is in a much healthier state," said Getrud Traud, chief economist with state bank Helaba. Economists have been revising up their growth projections for 2007 after Germany emerged last year from a protracted period of stagnation to report a surprisingly strong 2.7 per cent expansion rate. At the same time, early financial results posted by German companies have underscored the benefits they have derived from a major round of restructuring, including hefty cost cuts. Adding to the buoyant mood on the stock market, Germany's key electronics industry said Wednesday it faced another dynamic year with turnover growing by between five and six per cent in 2007. February 22, 2007 Source: dpa Link
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