DAX Rises As Markets Reconcile To Fed Moves
(RTTNews) - The German stock market benchmark DAX rallied more than 1 percent on Friday, after two days of losses triggered by the Fed's 75- basis points rate hike and the accompanying hawkish commentary. Only 5 scrips in the 40-scrip index are trading below the levels on Thursday.
The forty-scrip DAX index is currently trading at 13,297.86, up 1.28 percent on an overnight basis. The day's trading has been within the range of 13, 182.08 and 13,307.66.
Continental and Vonovia have gained more than 4 percent overnight. Covestro, adidas, Infineon Technologies, and Volkswagen follow with gains of more than 3 percent.
Hannover Ruck is the biggest loser with an overnight decline of 1.8 percent. Munchener Ruck also dropped close to 1 percent.
PUMA which gained 2.8 percent is the most active scrip with a turnover of 0.3 million euros.
Meanwhile data showed the S&P Global Services PMI edging up to 46.5 in October, versus the previous month's 28-month low of 45.0. Factory orders however declined 4 percent in the month of September. The S&P Global Eurozone Services PMI stood at 48.6 in October, declining from 48.8 in the previous month.
The EUR/USD pair is at 0.9784, surging 0.34 percent overnight amidst the US Dollar Index weakening 0.45 percent to 112.42.
The ten-year bond yield has decreased 0.73 percent to 2.23%, versus 2.25% percent on Thursday.
The pan-European STOXX 600 is currently trading at 413.92, up 1.07 percent on an overnight basis.
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