German Stocks Gain Ground On Oil Decline, Fed Looms
(RTTNews) - German stocks gained some ground in positive territory on Wednesday, recovering a bit after two successive days of losses. Easing oil prices and lower bond yields helped even as concerns about Middle East tensions lingered. Investors looked ahead to the Federal Reserve's policy announcement later in the day.
The Fed is widely expected to hike interest rate by 25 basis points. The central bank's accompanying statement is eyed for clues about future interest rate path.
Brent crude futures slipped 0.8% to $107.89 a barrel, while WTI crude futures were down 1.2% at $104.52.
The benchmark DAX was up 14.15 points or 0.06% at 25,437.60 a few minutes past noon. The index had advanced to 25,526.70 earlier.
Hochtief moved up 3.2%. RWE gained 2.3% and Siemens Energy climbed by a little over 2%. Infineon Technologies gained 1.8%.
Continental, E.ON, Fresenius and Bayer advanced 1%-1.5%. BASF, Merck, Symrise, Siemens, Henkel, Daimler Truck Holding and Allianz posted modest gains.
Shares of turbine manufacturer Nordex climbed about 1% after the company secured a 91 MW order from TEUT Energleprojekte GmbH.
Volkswagen, Mercedes-Benz and BMW dropped 3.1%, 2.3% and 1.7%, respectively.
Zalando drifted lower by about 1.9%. SAP eased 1.8%. Qiagen, Deutsche Boerse, Siemens Healthineers and Commerzbank posted moderate losses.
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