DAX Edges Lower Ahead Of ECB Rate Decision
(RTTNews) - German stocks edged lower on Thursday ahead of an ECB rate decision, with the central bank expected to announce a 75-bps rate hike to dampen inflation.
The downside remained capped after survey results from the market research group GfK showed that German consumer confidence is set to improve in November.
The forward-looking consumer sentiment index rose to -41.9 in November, in line with expectations, from revised -42.8 in October.
As long as inflation remains high and there are concerns about energy supply, the consumer climate will not be able to recover noticeably and sustainably, said Rolf Bürkl, GfK consumer expert.
The benchmark DAX dropped 29 points, or 0.2 percent, to 13,166 after rallying 1.1 percent in the previous session.
Daimler Truck Holding AG gained nearly 3 percent. The company said that its third quarter preliminary adjusted earnings before interest and taxes (EBIT) climbed 159 percent year-over-year to 1.27 billion euros, reflecting significant increase in unit sales in combination with good price realization.
Meal kit company HelloFresh added 1.8 percent after reporting strong revenue growth in the third quarter.
Enterprise software firm Software AG fell nearly 3 percent despite backing its FY22 view.
Airline Lufthansa added 1.7 percent after it forecast strong air travel demand in the months ahead.
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