DAX Surges On Fed Cues, Softer Regional CPI
(RTTNews) - The DAX benchmark of the Frankfurt bourse rallied more than a percent in Wednesday's trading amidst data showing a cooling in inflation in the regional CPI updates. Dovish comments from Fed officials also renewed hopes of earlier-than-expected rate cuts by the Federal Reserve.
German regional CPI data released earlier in the day showed month-on-month CPI readings slipping into negative zone and the year-on-year readings showing major decline in the month of November.
The forty-scrip DAX index is currently trading at 16,150.17, having surged 1.10 percent on an overnight basis. The day's trading ranged between a high of 16,167.94 and a low of 15,989.91. The index had closed at 15,975.22 on the previous day.
In the 40-scrip index, only 7 are currently trading in the overnight negative zone. Infineon Technologies tops with gains of 4.1 percent. Zalando, Sartorius and Siemens Energy followed with gains of more than 3 percent. Vonovia, BMW and Mercedes Benz Group have all added more than 2 percent in the day's trading.
Only Covestro, Munchener Ruck and Beiersdorf have losses in excess of half a percent in the day's trading.
The EUR/USD pair has slipped 0.13 percent to 1.0976 amidst the Dollar Index edging up 0.15 percent to 102.90. The euro ranged between $1.1018 and $1.0969.
In tandem with the easing in bond yields in the U.S. as well as in other major economies, German bond yields dropped 1.7 percent to 2.4510%, versus 2.493% at the previous close.
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