DAX Modestly Higher Around Noon
(RTTNews) - German stocks turned in a mixed performance in cautious trade Thursday morning amid concerns global central banks, including the Federal Reserve, might hike interest rates sometime during the course of this year.
The Fed left its key rates unchanged on Wednesday but suggested there could be at least one increase to its main rate this year. The Swiss National Bank has left its policy rate unchanged at 0% today.
The Bank of England, scheduled to announce its policy later today, is widely expected to hold rates.
Meanwhile, oil prices fell as geopolitical tensions eased after U.S. President Donald Trump and his Iranian counterpart remotely signed a preliminary agreement to end the 110-day conflict.
Brent crude futures dropped to $77.10 a barrel before recovering to $77.91, but still remained weak, down more than 2% from previous close.
The German market's benchmark index DAX was up 58.17 points or 0.23% at 24,989.71 a few minutes before noon.
Among the gainers, Siemens Energy and Infineon Technologies moved up 3.75% and 3.65%, respectively. MTU Aero Engines gained a little over 2%, and Rheinmetall climbed 1.8%. Siemens advanced 0.7%.
Mercedes-Benz shed 3.8% and BMW drifted lower by 3.5%. BASF and Heidelberg Materials lost 3.4% and 3.1%, respectively.
Brenntag, Siemens Healthineers, Scout24, Qiagen, Deutsche Post and Volkswagen lost 2%-2.7%.
SAP, Vonovia, Adidas, E.ON, RWE, Porsche Automobil Holding, Gea Group, Fresenius Medical Care, Deutsche Boerse, Henkel and Merck declined 1%-1.7%.
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