DAX Modestly Higher; Rheinmetall, MTU Aero Engines Up Sharply
(RTTNews) - The German stock market's benchmark index DAX moved modestly higher on Wednesday with investors focusing on the Sintra Forum, where Fed Chair Kevin Warsh and ECB Christine Lagarde are scheduled to speak later in the day.
The pan-European STOXX 600 was marginally lower at 641.41 after climbing 0.9 percent on Tuesday to post its best quarterly performance since October 2020.
Uncertainty about US-Iran peace talks and the loss of momentum in the AI-driven tech rally limit market's upside.
The DAX was up 82,07 points or 0.33% at 25,061.32 a little over half an hour before noon.
Rheinmetall climbed 3.75%, lifted by reports that Germany aims to expand domestic weapons production.
MTU Aero Engines moved up 2.3%, while Deutsche Telekom and Qiagen gained 1.7% and 1.5%, respectively.
Siemens Energy, Gea Group, Infineon Technologies, Daimler Truck Holding, Deutsche Bank, SAP, BMW and Symrise posted moderate gains.
Adidas, E.ON, Deutsche Boerse, Vonovia, Siemens and Hochtief shed 1.1%-1.7%.
Siemens Healthineers, Hannover RE, Zalando, Munich RE, RWE, Allianz and Brenntag lost 0.5%-1%.
Data from S&P Global showed the S&P Global Germany Manufacturing PMI was revised higher to 50.3 in June from a preliminary of 50.0, pointing to small growth in factory activity, compared to 50.1 in the previous month.
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