DAX Up Marginally In Cautious Trade Ahead Of Powell's Speech At Jackson Hole
(RTTNews) - German stocks are up in positive territory on Friday, amid selective buying ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium later in the day.
Investors are also digesting the data from Destatis showing the German economy shrank more than initially estimated in the second quarter.
The benchmark DAX was up 18.36 points or 0.08% at 24,309.68 a little while ago.
Bayer is gaining more than 1.5% and Merck is up nearly 1.5%. Sartorius and Zalando are advancing 1.3% and 1.2%, respectively.
Brenntag, Adidas, Mercedes-Benz, Siemens, Infineon Technologies, BMW, Fresenius, Henkel, Rheinmetall, BASF, Volkswagen, Deutsche Bank and Daimler Truck Holding are also up in positive territory.
Commerzbank is down more than 2.5%. Deutsche Telekom, Heidelberg Materials, Siemens Energy, Deutsche Post, E.ON and RWE are down with modest losses.
Data from Destatis showed Germany's gross domestic product fell 0.3% sequentially in the second quarter, reversing a 0.3% growth in the first quarter. In the flash estimate, the economy showed a contraction of 0.1%.
On an annual basis, the economy logged a calendar-adjusted growth of 0.2% after rising 0.3% in the first quarter. The rate of expansion was revised downward from 0.4%.
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