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DAX Inches Higher As Economy Stagnates In Q2
(RTTNews) - German stocks edged up slightly on Friday as data showed the German economy stabilized in spring after slight declines in the previous two quarters.
Gross domestic product posted nil growth in the second quarter after a 0.1 percent fall in the first quarter and a 0.4 percent decline in the fourth quarter of 2022 - according to the latest data from Destatis.
With the latest flat growth, the biggest euro area economy ended a short period of recession. The statistical office confirmed the preliminary estimate published on July 28.
On a yearly basis, the price-adjusted GDP dropped 0.6 percent in contrast to the 0.1 percent rise a quarter ago.
Calendar-adjusted GDP fell 0.2 percent, the same rate of decline as reported in the first quarter.
The benchmark DAX was up 34 points, or 0.2 percent, at 15,655 after losing 0.7 percent in the previous session.
Banks Commerzbank and Deutsche Bank were flat to slightly lower as bond yields ticked higher ahead of Fed Chair Jerome Powell's much-anticipated Jackson Hole speech.
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