The DAX benchmark of the Frankfurt bourse edged higher on Thursday amidst renewed recession worries, after data showed the first quarter Euro Area GDP declining 0.1 percent, as in the previous quarter. Market sentiment was cautious ahead of release of U.S. CPI readings and interest rate decisions by the Federal Reserve and ECB next week.
The forty-scrip DAX index is currently trading at 15,983.55, having gained 23 points or 0.14 percent on an overnight basis. The day’s trading has been within the range of 15,908.65 and 16,001.55.
Close to half of the scrips in the 40-scrip index are trading in overnight positive territory.
Continental topped with gains of more than 2 percent. Heidelberg Materials, BASF, Porsche Automobil Holding, Deutsche Bank and Volkswagen have all gained more than 1.5 percent.
Sartorius dropped 2.6 percent in the day’s trading. Zalando and Siemens Energy have both declined more than 1 percent.
Hopes of a pause by the Fed in the review due next week dragged down the Dollar Index, a measure of the Dollar’s strength against a basket of 6 currencies around 0.22 percent to 103.87. The Dollar’s decline lifted the EUR/USD pair 0.31 percent higher to 1.0732. The pair ranged between 1.0696 and 1.0734.
The ten-year bond yield has edged up 0.04 percent to 2.4440%, versus 2.443% at the previous close.
Data released just a while ago showed the 3rd estimate of first quarter annual GDP growth rate in the Euro Area at 1 percent versus 1.8 percent in the previous period. Markets were expecting a reading of 1.2 percent. Quarter-on-quarter growth for the period was steady and showed a decline of 0.1 percent. Markets were expecting zero growth. Employment Change for the same period stood at 1.6 percent versus 1.5 percent in the previous period and anticipated level of 1.7 percent.
Business News
DAX Edges Higher Amidst Recession Worries
2023-06-08 09:52:02
