German stocks were steady on Wednesday as a series of strong U.S. data bolstered hopes for a quick economic recovery from the coronavirus pandemic.
Closer home, growth in Germany’s private sector accelerated in March to its highest level in more than three years, a survey showed.
IHS Markit’s final services Purchasing Managers’ Index (PMI) jumped to 51.5 last month from 45.7 in February, helping to push the composite PMI to 57.3 from 51.1 in February.
Investors now await the minutes of the most recent Federal Open Market Committee meeting for clues as to when the U.S. central bank might raise rates.
The benchmark DAX edged up 3 points to 15,215 after closing 0.7 percent higher the previous day.
Banks traded mixed. Commerzbank dropped slightly while Deutsche Bank was up 0.7 percent. Automakers were broadly higher, with Daimler rising more than 1 percent.
Market Analysis
DAX Holds Steady On Covid Recovery Hopes
2021-04-07 09:05:44
