DAX Edges Higher In Cautious Trade

RTTNews | 1097 days ago
Stocktwits
DAX Edges Higher In Cautious Trade

(RTTNews) - German stocks edged up slightly on Tuesday, as investors snapped up bargains following a bruising selloff the previous day on concerns about high inflation and aggressive policy tightening by central banks.

German consumer price inflation accelerated to a record high in May, as initially estimated, driven by higher energy prices, final data from Destatis showed earlier today.

Consumer price inflation rose to 7.9 percent in May from 7.4 percent in April. The rate came in line with the flash estimate published on May 30.

Another report from Destatis showed that wholesale price inflation moderated from a record high in May. Nonetheless, wholesale prices logged a strong double-digit growth of 22.9 percent annually after rising 23.8 percent in April.

The benchmark DAX inched up 0.2 percent 13,450 after losing 2.4 percent in the previous session.

Banks topped the gainers list, with Commerzbank rising 1.3 percent and Deutsche Bank adding 1.1 percent.

Drug discovery and development company Evotec edged up slightly after entering into a collaboration with Janssen Pharmaceutica NV.

Business software group SAP rose half a percent after U.S. firm Oracle Corp exceeded estimates on the top and bottom lines for its fiscal fourth quarter.

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