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DAX Rises On Bets Of A Pause Signal By The Fed
(RTTNews) - The DAX benchmark of the Frankfurt bourse moved higher on Wednesday amidst renewed hopes of the Fed signaling a pause after the widely expected 25-basis point rate hike in the current session. Upbeat corporate earnings added to the positive sentiment.
The forty-scrip DAX index is currently trading at 15,844.20, having gained 0.75 percent on an overnight basis. The day's trading has been within the range of 15,745.15 and 15,852.15.
Only 8 scrips in the 40-scrip index are trading in overnight negative territory. Merck gained 2.23 percent. Sartorius, Siemens and Siemens Healthineers have gained more than 1.5 percent.
Daimler Truck Holding dropped more than 2 percent.
Despite lingering anxiety about the Fed's potential action and guidance, the Dollar Index, a measure of the Dollar's strength against a basket of 6 currencies dropped 0.38 percent to 101.57. The weak jobs data and simmering stress in the banking sector in the U.S. abetted the Dollar's retreat, lifting the EUR/USD pair 0.31 percent higher to 1.1033. The euro also found support in the Euro Area unemployment rate falling to as low as 6.5 percent, providing further headroom for the ECB to hike rates.
The ten-year bond yield has decreased 0.62 percent to 2.2380%, versus 2.25% at the previous close.
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