DAX Rallies As Banks Climb After Record ECB Rate Hike
(RTTNews) - German stocks rallied on Friday, a day after the European Central Bank (ECB) reinforced its fight against inflation by delivering a 75-basis-point rate hike.
The ECB must raise interest rates further to prevent record euro-zone inflation from spilling over into wages, Governing Council member Klaas Knot said.
Separately, Slovakia's Peter Kazimir called for "resolute hikes" to tackle "painfully" high inflation.
The benchmark DAX jumped 195 points, or 1.5 percent, to 13,099 after finishing marginally lower the previous day.
Banks, which would benefit from higher interest rates, advanced on expectations that the ECB will deliver another supersized interest rate increase in October.
Commerzbank soared 5.5 percent and Deutsche Bank climbed 3.1 percent.
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