DAX Gains On US Debt Deal Hopes
(RTTNews) - German stocks advanced on Friday after Democratic negotiators reportedly told U.S. President Joe Biden they were making "steady progress" on a deal to lift the U.S. debt ceiling and avoid a debt default.
Meanwhile, Germany's producer prices posted their slowest annual growth in two years in April, Destatis reported earlier today.
Producer prices registered an annual growth of 4.1 percent in April after rising 6.7 percent in March. This was the weakest increase since April 2021, when prices gained 5.2 percent. Economists had forecast a 4.0 percent rise.
On a monthly basis, producer prices marked the first increase since September 2022. Producer prices climbed 0.3 percent, reversing the 1.4 percent decrease a month ago and in contrast to the expected fall of 0.5 percent.
The benchmark DAX was up 87 points, or half a percent, at 16,251 after rallying 1.3 percent on Thursday.
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