Germany ETFs Rally on Q2 Earnings Beat

European markets, led by Germany and country-specific exchange traded funds, climbed Tuesday after some widely anticipated earnings beat expectations, reflecting ongoing growth in the Eurozone economy.

On Tuesday, the iShares MSCI Germany ETF (NYSEArca: EWG) increased 2.4%, Recon Capital DAX Germany ETF (NasdaqGM: DAX) gained 2.6% and First Trust Germany AlphaDEX Fund (NYSEArca: FGM) rose 2.1%.

Meanwhile, the broader Vanguard FTSE Europe ETF (NYSEArca: VGK), which includes a 13.3% tilt toward Germany, was 0.9% higher on Tuesday.

Germany stocks rallied with the benchmark DAX Index back in a bull market after rising 22% since its February low, Bloomberg reports.

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Boosting market sentiment, Munich Re surged 5.7% after the reinsurance company revealed quarterly net income that was over double analysts’ projections. Additionally, BMW AG and Daimler AG both added 2.8% after reporting higher auto sales in China over July.