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DAX Recovers After 5-day Losing Streak, Up Firmly In Positive Territory
(RTTNews) - After a five-day losing streak, German stocks are up in positive territory on Thursday amid optimism the European Union will soon strike a trade deal with the U.S., and on upbeat earnings from Taiwanese chipmaker TSMC.
The bloc is readying a package of tariffs to be levied on 72 billion euros' ($84bn) worth of goods against the U.S, if negotiations failed.
The benchmark DAX, which climbed to 24,310.30 earlier in the session, was up 129.29 points or 0.54% at 24,206.39 a little while ago. Siemens, up 2.7%, is the top gainer in the DAX index. Siemens Energy is gaining nearly 2.5%. Rheinmetall, Mercedes-Benz, Qiagen, Volkswagen, Infineon Technologies, Continental, Fresenius Medical Care and Deutsche Telekom are up 1 to 1.5%.
BASF, MTU Aero Engines, Symrise, SAP, Porsche, BMW and Deutsche Post are also up in positive territory.
Daimler Truck Holding, E.ON, Commerzbank, Deutsche Boerse, RWE and Adidas are down 0.3 to 0.9%.
In economic news, Euro area inflation rose slightly to the European Central Bank's 2% target in June, as initially estimated, final data from Eurostat showed.
Annual inflation moved up to 2% in June from 1.9% in May. The rate came in line with the estimate published on July 1.
Core inflation that excludes prices of energy and food held steady at 2.3%, as estimated.
At 0.3%, the monthly growth in the harmonized index of consumer prices matched the flash estimate.
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