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DAX Gains On Rate Cut Optimism
(RTTNews) - German stocks advanced on Friday after a survey showed manufacturing downturn in the country eased slightly in December.
The HCOB Manufacturing PMI rose to 43.1 from November's 42.6 while the services PMI unexpectedly dropped to 48.4 from 49.6 in November.
Meanwhile, rate cut hopes prevailed despite the European Central Bank pushing back against bets on imminent cuts to interest rates on Thursday.
ECB policymaker Francois Villeroy de Galhau told Boursorama television today that the next move should be lowering rates from record highs.
German Bund yields hit nine-month lows, tracking declines in U.S. bond yields.
The benchmark DAX was up 106 points, or 0.6 percent, at 16,857 after finishing marginally lower on Thursday.
Munich Re shares rose over 1 percent. The reinsurance provider announced guidance for 2024, where it expects net profit of 5 billion euros, citing stable operational activities in all business segments.
As announced earlier, the company now projects fiscal 2023 profit of 4.5 billion. uros.
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