The German stock market benchmark DAX witnessed muted sentiment amidst renewed concerns over inflation after readings from Euro Area and U.K. reinforced the persistence of high inflation. Inflation in September in the Euro Area was revised to 9.9 percent versus 9.1 percent in August, while inflation in the U.K. was reported at 10.1 percent, versus 9.9 percent in August and expectations of 10 percent.
The forty-scrip DAX index is currently trading at 12,776.40, up 0.08 percent on an overnight basis. The day’s trading has been within the range of 12,707.80 and 12,825.81.
Around 24 scrips in the 40-scrip index are trading above the levels on Tuesday.
Specialty chemicals businesses Brenntag as well as Covestro and Siemens Energy are the top gainers with uptick of 1.7 percent.
Insurance business Munchener Ruck has gained 1.5 percent in the day’s trading.
Medical instruments business Sartorius declined 15 percent after it announced a fiscal 2022 revenue growth guidance that would be in the lower half of the range of around 15 percent to 19 percent.
Diversified utilities business RWE declined 4.6 percent whereas drug manufacturer Merck declined 3.4 percent.
Utility business E.ON which declined 0.5 percent is the most active scrip with a turnover of 1.94 million euros.
The EUR/USD pair is at 0.9797, declining 0.56 percent overnight amidst the US Dollar Index strengthening 0.36 percent to 112.54.
The ten-year bond yield has increased 2.84 percent to 2.34 percent, versus 2.2720 percent on Tuesday.
Market Analysis
DAX Gains Dip As Inflation Fears Mount
2022-10-19 10:42:01
