DAX Holds Steady As Factory Orders Unexpectedly Rise

(RTTNews) - German stocks held steady on Thursday after official data revealed Germany's factory orders grew unexpectedly in July largely due to the surge in demand for transport equipment.

Incoming new orders advanced 2.9 percent on a monthly basis in July following June's revised 4.6 percent expansion, Destatis reported. Orders were forecast to fall 1.6 percent.

On a yearly basis, new orders climbed 3.7 percent, in contrast to the 11.2 percent increase in the prior month.

The benchmark DAX was marginally higher at 18,606 after declining 0.8 percent in the previous session.

Specialty chemicals company Lanxess AG rose nearly 2 percent after Morgan Stanley raised its rating on the stock to "Overweight" from "Underweight".