DAX Inches Higher As China Unveils Plans To Rescue Property Sector

RTTNews | 1397 days ago
DAX Inches Higher As China Unveils Plans To Rescue Property Sector

(RTTNews) - German stocks advanced on Monday after China unveiled sweeping measures to rescue its ailing property sector.

However, a cautious undertone prevailed after a top Federal Reserve official warned against bets of the U.S. central bank turning too dovish.

The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but that should not be seen as a "softening" of its battle against inflation, Federal Reserve Gov. Christopher Waller said on Sunday.

The benchmark DAX was up 36 points, or 0.3 percent, at 14,263 after gaining 0.6 percent on Friday.

Rheinmetall AG, an automotive and arms maker, jumped 3 percent. The company announced its agreement with Spain's MaxamCorp. Holding S.L. to acquire Expal Systems S.A, a Madrid-based ammunition maker.

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