DAX Modestly Higher On Positive Economic Data, Fed Rate Cut Hopes
(RTTNews) - Germany's DAX is modestly higher Thursday afternoon, extending gains to a fourth straight session, as easing geopolitical concerns and rising expectations of an interest rate cut by the Federal Reserve help keep investors sentiment positive.
Investors are also reacting to some corporate news, in addition to awiating the next batch of U.S. economic data.
The benchmark DAX was up 97.33 points or 0.41% at 23,792.56 a little while ago.
Deutsche Boerse is rising 4.3%, buoyed by a rating upgrade by JPMorgan to "Overweight" from "Neutral." The price target has been raised to Euro 292.
Siemens Energy is gaining 2.75%, and Infineon Technologies is up 2%. Siemens Healthineers is rising 1.5%, while Rheinmetall, Continental and Bayer are up 1.5%, 1.3%, and 1%, respectively.
Puma is soaring more than 14% amid speculation China's Anta Sports is looking to acquire the company. Bloomberg has cited Li Ning and Asics as other possible suitors for Puma.
E.On is declining by about 2.5%. Commerzbank is down nearly 2%, while Allianz, Qiagen, RWE, Deutsche Bank and Symrise are down 0.4 to 0.8%.
Monthly survey data published jointly by NIQ/GfK and the Nuremberg Institute for Market Decisions showed German consumer confidence is set to improve in December as households showed willingness to buy and save but their economic and income expectations deteriorated.
The forward-looking consumer sentiment index improved to -23.2 from -24.1 in the previous month. The indicator was forecast to rise moderately to -23.6.
A report from the European Commission showed the Eurozone Economic Sentiment Indicator inched up to 97.0 in November from 96.8 in October, matching market expectations and marking its highest reading since April 2023.
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