DAX Rises In Cautious Trade; Munich Re Shares Jump 5%
(RTTNews) - German stocks rose on Friday, a day after the European Central Bank (ECB) cut its three key interest rates by 25 basis points in the fourth reduction this year, and signaled it expects inflation to return to the target earlier.
Meanwhile, data from Destatis revealed earlier today that Germany's wholesale prices continued to decline in November, though at a slightly slower pace.
Wholesale prices decreased 0.6 percent year-on-year in November, slower than the 0.8 percent drop in October. Wholesale prices have been falling since May 2023, and the latest drop was the weakest in four months.
On a monthly basis, wholesale prices remained flat in November, following a 0.4 percent rise in October.
The benchmark DAX was up 82 points, or 0.4 percent, at 20,508 after gaining 0.1 percent in the previous session.
In corporate news, Munich Re shares jumped nearly 5 percent after the reinsurer unveiled a profit target of €6bn for 2025, with group insurance revenue expected to reach €64bn.
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