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DAX Declines On China Growth Concerns
(RTTNews) - German stocks traded lower on Wednesday after a private survey showed China's services activity expanded at the slowest pace in five months in June, adding to worries about a faltering post-pandemic recovery in the world's second-largest economy.
Investors also sought direction from the release of minutes from the Federal Reserve's June meeting later in the day and Friday's U.S. nonfarm payrolls report.
The benchmark DAX was down 78 points, or half a percent, at 15,961 after declining 0.3 percent the previous day.
Evotec SE, a drug company, jumped nearly 3 percent. The company announced that its unit Just - Evotec Biologics, Inc. has secured a second contract from the US department of defense for $74 million.
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Australian Dollar Falls Amid RBA Rate Cut Speculation
The Australian dollar weakened against other major currencies in the Asian session on Wednesday, as traders expect two or more rate cuts if inflation continues to decline as anticipated.
Earlier this month, the Reserve Bank of Australia (RBA) lowered its cash rate to 3.60 percent from 3.85 percent, as widely expected.
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vor 43 Minuten
New Zealand Hints At More Interest Rate Cuts
The Reserve Bank of New Zealand reduced its key interest rate by 25 basis points to a three-year low and hinted at further easing on Wednesday. The Monetary Policy Committee, governed by Christian Hawkesby, voted to lower the Official Cash Rate to 3 percent from 3.25 percent. The bank has reduced the rate by 250 basis points since August 2024.
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vor 58 Minuten
NZ Dollar Slides As RBNZ Cuts Rate By 25 Bps
The New Zealand dollar weakened against other major currencies in the Asian session on Wednesday, after the Reserve Bank of New Zealand decided to cut its key interest rate by 25 basis points and signaled further easing.
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vor 2Std 19 Minuten
European Economic News Preview: UK Inflation Data Due
Consumer prices from the UK and the euro area due on Wednesday, headlining a light day for the European economic news. At 2.00 am ET, the Office for National Statistics publishes UK consumer prices for July. Inflation is seen rising to 3.7 percent in July from 3.6 percent in the previous month.
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vor 2Std 40 Minuten
China Leaves Benchmark Interest Rate Unchanged
The People's Bank of China maintained its interest rates on Wednesday, as Beijing focus on fiscal policy easing and more targeted measures. The central bank left its one-year loan prime rate at 3.0 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was retained at 3.50 percent. The bank had reduced its both LPRs by quarter points in October 2024.
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vor 2Std 50 Minuten
European Shares Set To Open Lower After US Tech Selloff
European stocks are seen opening lower on Wednesday as investors fret about overheated tech valuations and U.S. government intervention in Intel.
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vor 3Std 12 Minuten
U.S. Dollar Advances Against Most Majors
The U.S. dollar strengthened against most major currencies in the Asian session on Wednesday.
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vor 3Std 34 Minuten
Yen Rises Against Majors
The Japanese yen strengthened against other major currencies in the Asian session on Wednesday.
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vor 3Std 39 Minuten
