DAX Sees Modest Gains On China Optimism
(RTTNews) - German stocks were seeing modest gains on Friday, with optimism about China's reopening and expectations that the Federal Reserve would ease up on interest-rate rises helping underpinning sentiment.
Traders looked to a revival in Chinese demand as hundreds of thousands of people travel home for the Lunar New Year holiday that officially begins on Saturday.
Adding to the optimism, the country said the worst was over in its battle against COVID-19.
Fed tightening fears eased somewhat after several Fed officials hinted at a slower pace of rate hikes going forward.
Investors expect the Fed to downshift to a quarter-percentage point increase when officials meet Jan. 31-Feb. 1.
The benchmark DAX was up73 points, or half a percent, at 14,996 after tumbling 1.7 percent in the previous session.
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