The dovish stance by an ECB official lifted sentiment at the Frankfurt bourse on Tuesday. The DAX gained amidst comments that further rate hikes were rather unlikely due to the larger-than-expected decline in inflation. Anxiety ahead of the release of crucial jobs data from the U.S. and inflation readings from China however limited gains.
The forty-scrip DAX index is currently trading at 16,447.29, having added 0.13 percent on an overnight basis. The day’s trading ranged between a high of 16,464.71 and a low of 16,382.34. The index had closed at 16,425.29 on the previous day.
In the 40-scrip index, only 18 are currently trading in the overnight negative zone.
Vonovia tops with gains of 2.4 percent. Siemens Energy, RWE and Siemens have all gained more than 1 percent.
Fresenius is the greatest laggard with a decline of 2.3 percent. Brenntag, Sartorius and Covestro, have all declined more than 1 percent.
The EUR/USD pair has slipped 0.02 percent to 1.0834 amidst the Dollar Index slipping 0.03 percent to trade at 103.68.
In tandem with the global easing in bond yields, German bond yields decreased 1.64 percent. The same is at 2.3115 percent versus 2.35 percent at the previous close.
Data released earlier in the day had showed the HCOB Services PMI readings for November from Germany rising to 49.6, from 48.2 in the previous month and expectations of 48.7 percent. The HCOB services PMI for the Euro Area also increased to 48.7, from 47.8 in the previous month. Markets were expecting a rise to 48.2.
Business News
DAX Rises Amidst Dovish Comments By ECB Official
2023-12-05 10:43:53
