DAX Modestly Higher In Cautious Trade
(RTTNews) - The German stock market is up in positive territory on Monday with investors making some selective purchases ahead of key central bank policy meetings later this week. The Federal Reserve, the Bank of England and the Bank of Japan are scheduled to make their monetary policy announcements this week.
The Fed is widely expected to lower interest rate, while the BoE and BoJ are likely to leave their interest rates unchanged.
The benchmark DAX was up 93.63 points or 0.4% at 23,782.24 a little while ago.
Hannover Rueck is rising 3.6%. Munich RE is up nearly 2% and E.ON is gaining about 1.5%.
Rheinmetall, Porsche, Allianz, RWE and SAP are up 0.5 to 1%, while Deutsche Bank and Deutsche Telekom are up with modest gains.
Bayer is down 2.7% and Heidelberg Materials is down 2.4%. Commerzbank, Fresenius, Symrise, Merck, Porsche Automobil Holding, Continental and Zalando are down 1 to 1.5%.
In economic news, Germany's wholesale price inflation accelerated in August on higher food and non-ferrous ores, data from Destatis showed. The wholesale price index posted a 0.7% annual growth after rising 0.5% in July.
Month-on-month, wholesale prices were down unexpectedly by 0.6%, which was faster than the 0.1% drop seen in July and marked the second consecutive fall. Prices were forecast to rise 0.2%.
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