DAX Edges Higher As Fed Taper Worries Ease

German stocks were moving higher on Monday after Fed Chair Jerome Powell’s comments indicated policymakers were in no hurry to exit stimulus and move towards raising rates.

The upside, however, remained capped after the Wall Street Journal reported that Beijing is looking at new rules that would restrict domestic internet firms from going public in the U.S.

In economic releases, Eurozone business and household confidence declined slightly in August, following July’s record high, the European Commission said.

The economic sentiment indicator, an aggregate measure of business and consumer confidence, dropped to 117.5 in August from 119.0 in July.

Focus now shifts to August inflation data for Germany due later in the day ahead of next week’s meeting of European Central Bank policymakers.

ECB chief Christine Lagarde last month promised sustained support for the single currency zone, saying the central bank has learned from the errors of past crises and won’t derail the current economic recovery by withdrawing emergency support too early.

The benchmark DAX rose 40 points, or 0.3 percent, to 15,891 after closing 0.4 percent higher on Friday.