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DAX Up 0.8%, Looks Set To End Week On Strong Note
(RTTNews) - German stocks are up firmly in positive territory on Friday, amid easing trade tensions following the U.S.-China deal earlier in the week, and recent reports about a positive progress in the EU bloc's discussions with the U.S. for tariff reductions.
Investors are also assessing the likely interest rate moves by central banks in upcoming meetings.
Fed Chair Jerome Powell warned in a speech on Thursday that near- zero interest rates are likely to be a thing of the past, and potentially more persistent, supply shocks could goose inflation higher and present a "difficult challenge for the economy and for central banks."
In Europe, Latvian ECB Governing Council member Martins Kazaks indicated market pricing of a 25bps cut at the June 5 meeting is "relatively appropriate".
The benchmark DAX, which looks headed for a weekly gain of over 1.6%, was up 181.27 points or 0.77% at 23,861.74 a little while ago. The index, which climbed to a high of 23,886.88 earlier in the session, is not far behind a record high of 23,911.98 registered on May 12th.
Bayer, the top gainer in the DAX index, is up 2.7%. Rheinmetall is advancing 2.1%, while SAP, Vonovia, Siemens Healthineers and Beiersdorf are gaining 1.5 to 2%.
Hannover Rueck, Munich RE, Symrise, Allianz, Qiagen and Brenntag are up 1 to 1.4%. Fresenius Medical Care, Deutsche Boerse, MTU Aero Engines and Fresenius are up with moderate gains.
E.ON is declining 3.7%. Heidelberg Materials and Commerzbank are down 2.1% and 2%, respectively. Merck, Mercedes-Benz, Deutsche Bank, RWE, Adidas and BMW are down 0.4 to 0.8%.
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