DAX Hits 3-Week High Amid Tech Rally, Softer Oil

RTTNews | 7 hari yang lalu

(RTTNews) - German stocks climbed higher on Friday, extending gains to a third straight session, as concerns over interest rates and AI spending faded a bit. Lower oil prices contributed as well to the positive mood in the market.

Nvidia CEO Jensen Huang's comments defending the financial health of AI computing supplier CoreWeave Inc. helped lift tech stocks.

Brent crude front-month futures dropped to $104.91 a barrel before recovering to $105.47, still down nearly 0.5% from previous close.

The benchmark DAX, which climbed to a more than 3-week high, was up 260.51points or 1.03% at 25,643.13 a few minutes before noon.

Rheinmetall moved up 5.2%. Volkswagen rallied 3.25% and Scout24 gained 3.1%. BMW and Mercedes-Benz climbed up 3% and 2.5%, respectively.

Fresenius, Zalando, Heidelberg Materials, Hochtief, Siemens Healthineers, Daimler Truck Holding and Siemens Energy advanced 1.5%-2%.

Shares of sports car manufacturer Porsche moved up sharply after the group unveiled the Mission S vision model, showcasing the future evolution of its design identity under the 'Sportswagenschmiede '35' strategy.

Symrise, Commerzbank, Deutsche Bank, Continental, Deutsche Boerse, Deutsche Telekom, GEA Group and RWE also moved notably higher.

Beiersdorf drifted lower by about 0.5%. Merck, Bayer, E.ON and Siemens traded flat.

In economic news, The euro area trade balance showed a shortfall of EUR 16.1 billion in August, compared with a surplus of EUR 10.7 billion posted in July. In the same period last year, the deficit was EUR 1.7 billion.

Exports of goods increased 9.9% from a year ago, which was faster than the 8.8% rise in July. At the same time, growth in imports accelerated sharply to 16.7% from 9.1%.

Eurozone inflation rose to 3.8% in September, marking the highest since September 2023, from 3.2% in August. The rate matched the flash estimate published on October 2.

Excluding energy, food, alcohol and tobacco, core inflation rose slightly to 2.5%, as estimated, from 2.4% in the previous month.

Month-on-month, the harmonized index of consumer prices gained 0.6%, matching the initial estimate.

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