German stocks were seeing modest gains on Wednesday ahead of Federal Reserve chairman Jerome Powell’s testimony before the House Financial Services Committee and the Senate Banking Committee.
The benchmark DAX was up 29 points, or 0.2 percent, at 16,140 after declining 0.6 percent in the previous session.
Banks traded higher as German two-year government bond yields surged to their highest level since March 10 after the release of stronger than expected U.K. inflation data. Commerzbank gained 1.2 percent and Deutsche Bank rallied 1.7 percent.
Deutsche Lufthansa added 1.5 percent. The airline has signed a deal with Swedish lender, SEB Kort Bank AB, to sell its travel payment solutions business Lufthansa AirPlus Servicekarten GmbH, for around 450 million euros.
Market Analysis
DAX Edges Higher Led By Banks
2023-06-21 08:53:36
