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DAX Edges Higher On Earnings
(RTTNews) - German stocks traded higher on Wednesday as investors reacted to upbeat earnings news and awaited U.S. consumer price inflation data later in the day for directional cues.
The benchmark DAX was up 33 points, or 0.2 percent, at 19,067 after losing 2.1 percent on Tuesday. The upside was capped due to unease over a jump in regional bond yields. Tech stocks traded lower, with Infineon falling 2.2 percent.
Siemens Energy soared almost 20 percent after the utility sector supplier raised its mid-term targets and set a new record for its order book.
RWE jumped 8.2 percent after the company announced a €1.5 billion share buyback program. Insurer Allianz rose 1.2 percent after slightly lifting its guidance for full-year profit.
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U.S. Dollar Falls Amid Risk-on Mood, Fed Rate Cut Bet
The U.S. dollar weakened against other major currencies in the Asian session on Wednesday amid increased risk-on mood, as some traders are still looking to cash in on the strong upside in the markets seen over the past several weeks. Furthermore, growing market acceptance that the Federal Reserve (Fed) will lower interest rates further this year amid evidence of diminishing inflationary pressure and a dismal growth forecast, also pushed the USD lower.
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Japan Exports Growth Softens On Higher Trade Tariffs
Japan's exports grew at a slower pace in April largely due to the higher tariffs imposed by the US administration, official data revealed Wednesday. Exports climbed 2.0 percent on a yearly basis in April, slower than the 4.0 percent increase in March, the Ministry of Finance reported. Exports have been rising since last September and the latest growth matched economists' expectations.
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European Shares May Struggle At Open
European stocks are seen opening little changed on Wednesday, with U.S. fiscal concerns, geopolitical tensions and the Fed outlook likely to be in focus.
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European Economic News Preview: UK Inflation Data Due
Consumer price data from the UK is the only major report 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 April. Consumer price inflation is forecast to rise to 3.3 percent from 2.6 percent in March.
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Swiss Franc Rises Against Majors
The Swiss franc strengthened against other major currencies in the Asian session on Wednesday.
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U.S. Dollar Falls Against Majors
The U.S. dollar weakened against other major currencies in the Asian session on Wednesday.
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Sensex, Nifty Marginally Higher In Lackluster Trade
Indian shares were modestly higher in early trade on Wednesday, after having suffered heavy losses in the previous session amid rising geopolitical tensions, growing concerns over U.S. debt and a spike in Covid-19 cases in Southeast Asia.
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Australian Market Extends Early Gains In Mid-market
The Australian stock market is extending its early gains in mid-market moves on Wednesday, adding the gains in the previous session, with the benchmark S&P/ASX 200 staying just below the 8,400 level, despite the broadly negative cues from Wall Street overnight, with gains in mining, financial and energy stocks partially offset by weakness in technology stocks.
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