DAX Extends Gains On Hopes For A Fed Retreat
(RTTNews) - German stocks rallied on Tuesday to extend gains from the previous session as investors scooped up beaten-down shares amid hopes that the U.S. Federal Reserve could ease back on hiking rates.
The dollar slipped and bond yields declined after overnight data showed U.S. manufacturing activity grew at its slowest pace in nearly 2.5 years in September.
Sentiment was also underpinned after the Reserve Bank of Australia surprised markets by slowing the pace of interest rate rises.
The benchmark DAX jumped 279 points, or 2.3 percent, to 12,488 after rising 0.8 percent in the previous session.
Tech stocks led the surge, with Infineon Technologies climbing 4.7 percent amid a retreat in bond yields.
Travel and leisure companies were also gaining ground, with Lufthansa rising 2.3 percent and TUI AG gaining 4 percent.
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