DAX Firm Amidst Fresh Growth, Inflation Readings

(RTTNews) - The German stock market benchmark DAX remained firm amidst a slew of data releases that revealed the latest position in respect of GDP growth, inflation, unemployment etc. in the region as well as in the larger Eurozone.

Data showed the German economic growth stalling in the second quarter of the year. The 0.00 percent change compared to expectations of a 0.1 percent rise. The previous quarter's growth was revised as 0.8 percent versus the preliminary estimate of a 0.2 percent growth.

Data also showed the Eurozone economy growing 0.70 percent in the June quarter, versus market expectations of a 0.20 percent growth. The first quarter's growth stood downwardly revised to 0.5 percent.

Annual inflation rate in the Euro Area increased to a new record high of 8.9 percent in July, versus 8.6 percent in June, which the markets were expecting.

The seasonally adjusted unemployment rate in Germany also increased to a nine-month high of 5.4 percent in July.

The forty-scrip DAX index is currently trading at 13,385.74, up 0.78 percent on an overnight basis. The day's trading has been within the range of 13,337.57 and 13,401.80.

Zalando is the top gainer with a 7.87 percent rally. Meal-kit maker Hello Fresh has gained 3 percent. Heidelberg Cement, Infineon Technologies, E.ON and Continental have all gained more than 2 percent.

Fresenius Medical Care is down more than 4 percent, whereas MTU Aero Engines has declined a little over 2 percent.

Deutsche Bank is the is the most active scrip with a turnover of 0.5 million euros. The stock has gained 1 percent on Friday.

The EUR/USD pair is at 1.0202 after gaining 0.06 percent overnight amidst the US Dollar Index weakening 0.25 percent to 106.08.

The ten-year bond yield has increased 12.4 percent to 0.90 versus 0.8020 percent on Thursday.