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DAX Edges Higher Despite Weak Consumer Sentiment Data
(RTTNews) - German stocks eked out modest gains on Tuesday, as optimism over fresh policy support from China offset weak German consumer sentiment data.
Consumer sentiment in Germany is set to erode in September as both income and economic expectations of households weakened, survey results from the market research firm GfK showed earlier today.
The forward-looking consumer confidence index fell to -25.5 for September from a revised -24.6 in August. Economists had forecast a reading of -24.3.
"The chances that consumer sentiment can sustainably recover before the end of this year are dwindling more and more," Rolf Burkl, a consumer expert at GfK, said.
The benchmark DAX was up 62 points, or 0.4 percent, at 15,854 after rising 1 percent in the previous session.
In corporate news, drug discovery and development company Evotec AG rose about 1 percent after narrowing its Q2 loss.
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