DAX Marginally Higher Ahead Of Powell Testimony
(RTTNews) - German stocks were marginally higher on Tuesday after data showed Germany's factory orders unexpectedly expanded in January underpinned by foreign demand.
German factory orders grew 1.0 percent in January from December, confounding expectations for a decline of 0.9 percent. Nonetheless, the pace of growth eased from revised 3.4 percent in December.
On a yearly basis, manufacturing new orders declined at a faster pace of 10.9 percent after falling 9.9 percent in December.
The benchmark DAX was up 19 points, or 0.1 percent, at 15,673 after gaining half a percent in the previous session.
Automotive supplier Schaeffler slumped 7 percent after reporting a decline in FY22 profit, cutting dividend and issuing a cautious outlook for FY23.
Zalando jumped 5 percent after the online retailer said it would work on improving margins this year.
Henkel, a chemical and consumer goods firm, tumbled 3 percent as it posted a 13.7 percent drop in adjusted earnings before interest and tax (EBIT) in 2022.
Meal-kit maker HelloFresh lost more than 4 percent after it forecast 2023 core profit below estimates.
Fed Chair Jerome Powell's testimony before Congress, set to begin later in the day, is keenly awaited by markets for insights into the U.S. rate outlook going forward.
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