DAX Edges Higher Ahead Of Lagarde Speech
(RTTNews) - German stocks opened higher on Monday, tracking a strong rally on Wall Street Friday and encouraging cues from Asian markets.
Underlying sentiment remained supported somewhat by expectations of a pick-up in Chinese consumer spending on eve of the Lunar New Year holidays and comments from Fed officials suggesting they favor a 25-basis-point rate hike at the next meeting.
The euro scaled a nine-month high against the dollar after ECB governing council member Klaas Knot said interest rates would rise by 50 basis points in both February and March and continue climbing in the months after.
The benchmark DAX was up 105 points, or 0.7 percent, at 15,138 after climbing 0.8 percent on Friday.
Euro area consumer confidence survey results and a speech by ECB President Christine Lagarde at an event may sway sentiment as the day progresses.
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