DAX Holds Steady On Easing Energy Supply Worries
(RTTNews) - German stocks held steady on Wednesday as investors cheered stronger than expected earnings from U.S. streaming group Netflix and awaited Italian Premier Mario Draghi's parliament address.
Energy supply worries eased after reports that Russian gas flows to Europe will not be cut off.
In economic releases, Germany's producer price inflation eased unexpectedly in June from a record high in May, though marginally, data from Destatis showed.
Producer prices grew 32.7 percent year-over-year in June, following a 33.6 percent surge in May. Economists had forecast inflation to rise to 33.9 percent.
On a monthly basis, producer prices increased at a slower rate of 0.6 percent after a 1.6 percent gain in the previous month. The expected rise was 1.3 percent.
The benchmark DAX edged up 0.1 percent to 13,323 after climbing 2.7 percent the previous day.
Uniper shares jumped nearly 12 percent. The company is nearing a bailout deal that may see the German government inject billions of euros and take a direct stake in the energy giant, the Bloomberg said, citing people familiar with the matter.
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