DAX Gains Ahead Of Key Inflation Readings

RTTNews | 705 days ago
DAX Gains Ahead Of Key Inflation Readings

(RTTNews) - German stocks advanced on Friday ahead of Eurozone inflation data and the U.S. personal spending figures later in the day.

Investors shrugged off data released earlier in the day showing that German retail sales unexpectedly fell in August as a result of persistently high inflation in the euro zone's largest economy.

German retail sales dropped 1.2 percent in August compared with the previous month, official data revealed. Year-on-year, retail sales fell by 2.3 percent.

The benchmark DAX jumped 113 points, or 0.7 percent, to 15,436 after climbing 0.7 percent in the previous session.

Commerzbank AG jumped 11 percent after an announcement that it was revamping its pay-out policy for investors.

The lender said It intends to return a total of 3 billion euros to shareholders as dividends and share buy-backs for period of 2022 to 2024. To reach the target, the pay-out ratio will be at least 70 percent in 2024.

Kloeckner & Co SE, a steel and metal company, edged up slightly on news that CEO Guido Kerkhoff will take over the management of EU European operations with immediate effect.

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