German stocks were steady on Tuesday, with signs of easing U.S.-China tensions and dovish comments from the European Central Bank chief helping underpin investor sentiment.
A key virtual summit between U.S. President Joe Biden and Chinese leader Xi Jinping saw both sides signaling a stabilization in the fraught relationship.
The euro was huddled at a 16-month low after European Central Bank President Christine Lagarde doubled down on her assessment that euro-area inflation will ease and conditions for a rate hike in 2022 are “very unlikely” to be met.
The benchmark DAX was up 24 points, or 0.2 percent, at 16,173 after closing 0.3 percent higher in the previous session.
Automakers BMW, Daimler and Volkswagen rose about 1 percent each while banks Commerzbank and Deutsche Bank were little changed.
Nordex Group shares fell 1.4 percent. The company said it has received an order from Enerjisa Üretim -independent power plant operator in Turkey – to supply and install twelve N163/5.X turbines for the 68.4 MW Erciyes wind farm.
DAX Holds Steady On Dovish ECB
2021-11-16 09:06:45
