The DAX benchmark of the Frankfurt bourse attempted a rebound on Monday, from sharp losses in the previous two sessions amidst lower-than-expected producer prices. Producer price inflation, dropped for the first time since November 2020.
Data released earlier in the day showed producer prices in Germany declining 6 percent on an annual basis in July, compared to a rise of 0.1 percent in the previous month. Markets were expecting a decline of 5.1 percent.
The forty-scrip DAX index is currently trading at 15,685.45, having gained 111 points or 0.71 percent on an overnight basis. The day’s trading has been within the range of 15,570.35 and 15,711.95.
Only 7 of the 40 scrips in the index are currently trading in the overnight negative territory.
Adidas topped with overnight gains of 2.5 percent. MTU Aero Engines, BMW, Airbus, SAP, Zalando, Brenntag, Commerzbank, Deutsche Telekom and Infineon Technologies have all gained more than 1 percent.
Siemens Energy and Vonovia have both declined close to 1 percent.
Amidst the Dollar’s weakness resulting in the Dollar Index shedding 0.10 percent, the EUR/USD pair increased 0.24 percent higher to 1.0899. The pair ranged between 1.0869 and 1.0905.
In tandem with the global rise in bond yields, the ten-year German bond yield increased 0.61 percent to 2.636%, versus 2.62% at the previous close.
Business News
DAX Attempts A Rebound Amidst Cooling Producer Prices
2023-08-21 10:51:20
