DAX Gains As Producer Prices Decline At Record Pace
(RTTNews) - German stocks advanced on Wednesday after preliminary data from Destatis showed German producer prices declined at a record pace in August mainly due to the base effect caused by the very high price level of the previous year.
The producer price index fell 12.6 percent year-over-year in August, much faster than the 6.0 percent decline in the prior month, which was the first decline since November 2020. That was in line with economists' expectations.
Further, the latest rate of fall was the biggest since data collection began in 1949.
The benchmark DAX was up 92 points, or 0.6 percent, at 15,756 after declining 0.4 percent in the previous session.
Vossloh AG rose 0.7 percent after it received a contract to supply rail fastening systems for selected sections of two high-speed lines under construction in central China.
Nordex gained 0.9 percent after receiving an order for N155/5.X turbines for two wind farms in Spain.
Automakers BMW, Mercedes Benz and Volkswagen all rose about 1 percent after data showed EU car sales grew 21 percent in August.
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