DAX Modestly Higher Ahead Of Eurozone Inflation Data
(RTTNews) - German stocks traded slightly higher on Friday ahead of the release of the Eurozone CPI and U.S. PCE inflation data later in the day.
In a speech today, ECB Executive Board member Isabel Schnabel described the recent declines in inflation across parts of the Eurozone as "welcome developments" but cautioned that the "current level of headline inflation understates the challenges monetary policy is still facing."
Meanwhile, Germany's import prices increased for the second straight month in July, data from Destatis showed today.
Import prices grew 0.9 percent on a yearly basis in July, following a 0.7 percent rise in June, which was the first increase in 16 months.
Also, data showed that export price inflation advanced to 0.8 percent in July from 0.6 percent a month ago.
The benchmark DAX was up 0.1 percent at 18,932 after gaining 0.7 percent to notch a record close on Thursday.
Banks Commerzbank and Deutsche Bank were seeing modest gains amid expectations the European Central Bank and the Federal Reserve will cut interest rates next month.
Thyssenkrupp edged up slightly as the Chairman and CEO of its steel division, along with five other board members, have resigned due to conflicts with the parent company over the future direction of the business.
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