German stocks advanced on Wednesday as traders reacted to dovish comments from Federal Reserve Chair Jerome Powell and looked ahead to key elections in France and the U.K.
On Tuesday, Powell acknowledged progress in disinflation but added that officials need more confidence before cutting interest rates.
Investors shrugged off the results of a survey that showed the upturn in German services activity slowed in June.
The benchmark DAX rose 98 points, or 0.6 percent, to 18,263 after declining 0.7 percent on Tuesday.
In corporate news, wind turbine manufacturer Nordex edged down slightly despite an announcement that it received orders for 17 projects totaling 245 MW from its core markets in France and Turkey at the end of June 2024.
Volkswagen gained more than 1 percent after U.S. electric vehicle maker Rivian said it had no plans to produce vehicles with the German automaker.
DAX Gains After Powell’s Comments
2024-07-03 08:56:51
