DAX Gains In Cautious Trade; BASF Shares Rise 1%
(RTTNews) - German stocks traded higher on Friday as data showed producer prices in the country declined for the sixth straight month in December due to cheaper energy costs.
Producer prices dropped 8.6 percent year-over-year in December, faster than the 7.9 percent fall in November, Destatis reported. Economists had expected a decline of 8.0 percent.
The overall decrease in December was largely attributed to a 23.5 percent plunge in energy costs amid a continued plunge in electricity costs.
On a monthly basis, producer prices dropped 1.2 percent in December versus a 0.5 percent decrease a month ago. The expected fall was 0.5 percent.
The benchmark DAX was up 71 points, or 0.4 percent, at 16,638 after climbing 0.8 percent the previous day.
In corporate news, BASF rose over 1 percent after the chemicals major said that it expects to swing to a net income of €225m in 2023.
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