DAX 30 of the Frankfurt bourse stayed close to the peak scaled last week and traded between 15469 and 15499 as sentiment remained sober amidst lackluster Asian trading, PMI dip in China, global inflation concerns and holidays in the U.S and U.K. Caution prevailed as markets near month-end and expect fresh batch of economic data to prove the pace and the power of the relaxations in pandemic restrictions to trigger a fresh phase of economic rebound.
The DAX traded around 15485 levels after dropping around 0.22 percent and was just 0.53 percent away from its all time high of 15568.60 recorded last week. On Friday, DAX had gained 0.74 percent over previous close when it ended at 15519.98.
Delivery Hero added 0.99 percent over previous close, while Covestro AG gained 0.80 percent.
Deutsche Bank AG shed around 1.67 percent upon reports of anti-money laundering concerns raised by the U.S. Federal Reserve. Siemens AG declined by 1.20 percent.
Maximum Turnover of €76.93 million was recorded in Bayer AG followed closely by Deutsche Bank AG with volume of €26.63 million.
Consumer Price Inflation and Harmonized Inflation numbers for May, a key gauge of inflationary pressure, are due later today. Forecasts peg the CPI reading to be at 2.3 percent, close to the 2 percent recorded in the previous month. Harmonized Inflation number is expected to be at 2.4 percent in contrast to the previous reading of 2.1 percent.
German markets keenly await a data heavy week, packed with key economic indicators viz Unemployment Rate and Manufacturing PMI on Tuesday, Retail Sales on Wednesday, Services PMI on Thursday and the Construction PMI on Friday. The fresh batch of data is expected to provide update on key economic indicators and influence the direction of the markets in the days to come.
German Stocks Stay Close To Earlier Peak
2021-05-31 10:38:07
