German stocks edged higher on Friday, with optimism over a strong earnings season and signs that U.S. inflation may have peaked helping underpin sentiment.
Germany’s wholesale prices increased at the fastest pace since 1974, largely due the low base effect, data published by Destatis showed earlier today.
Wholesale prices grew 11.3 percent on a yearly basis in July, following a 10.7 percent rise in June. Prices have been rising since February 2021.
The latest rise was the biggest annual rate since October 1974, when prices were up 13.2 percent amid the first oil crisis.
Month-on-month, wholesale price inflation eased to 1.1 percent in July from 1.5 percent in June.
The benchmark DAX rose 44 points, or 0.3 percent, to 15,982 after climbing 0.7 percent in the previous session.
Adidas rose more than 2 percent after it agreed to sell its underperforming Reebok business to Authentic Brands Group Inc. for up to 2.1 billion euros ($2.5 billion).
Zooplus jumped as much as 40 percent after U.S. private equity firm Hellman & Friedman offered to buy the online retailer of pet supplies for around 3 billion euros ($3.5 billion).
Deutsche EuroShop rallied 2.5 percent after the real estate investment company returned to profit in the second quarter.
Market Analysis
DAX Gains On Economic Optimism
2021-08-13 09:00:39
