DAX Gains On Rate Cut Optimism

RTTNews | 594 dagar sedan
DAX Gains On Rate Cut Optimism

(RTTNews) - German stocks advanced on Friday after a survey showed manufacturing downturn in the country eased slightly in December.

The HCOB Manufacturing PMI rose to 43.1 from November's 42.6 while the services PMI unexpectedly dropped to 48.4 from 49.6 in November.

Meanwhile, rate cut hopes prevailed despite the European Central Bank pushing back against bets on imminent cuts to interest rates on Thursday.

ECB policymaker Francois Villeroy de Galhau told Boursorama television today that the next move should be lowering rates from record highs.

German Bund yields hit nine-month lows, tracking declines in U.S. bond yields.

The benchmark DAX was up 106 points, or 0.6 percent, at 16,857 after finishing marginally lower on Thursday.

Munich Re shares rose over 1 percent. The reinsurance provider announced guidance for 2024, where it expects net profit of 5 billion euros, citing stable operational activities in all business segments.

As announced earlier, the company now projects fiscal 2023 profit of 4.5 billion. uros.

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U.S. Consumer Price Growth Matches Estimates In June

U.S. Consumer Price Growth Matches Estimates In June

A closely watched report released by the Commerce Department on Thursday showed consumer prices in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent in June after inching up by an upwardly revised 0.2 percent in May.
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German Unemployment Rises In July

German Unemployment Rises In July

Germany's unemployment increased less than expected in July but the overall number of people out of work remained close to the 3 million mark due to the prolonged period of economic slowdown, official data revealed on Thursday. The number of unemployed rose by less-than-expected 2,000 from June, the Federal Employment Agency said. For July, economists had forecast an increase of 15,000.
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U.S. Jobless Claims Inch Up Less Than Expected To 218,000

U.S. Jobless Claims Inch Up Less Than Expected To 218,000

First-time claims for U.S. unemployment benefits edged slightly higher in the week ended July 26th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims crept up to 218,000, an increase of 1,000 from the previous week's unrevised level of 217,000. Economists had expected jobless claims to rise to 224,000.
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Bay Street Looks Headed For Positive Start

Bay Street Looks Headed For Positive Start

Canadian shares look headed for a positive start Thursday morning, with investor sentiment getting a boost thanks to strong results from US tech majors Meta Platforms and Microsoft.
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Eurozone Jobless Rate Unchanged At 6.2%

Eurozone Jobless Rate Unchanged At 6.2%

The euro area unemployment rate remained stable in June despite slowing economic growth and challenging global trade situation, official data revealed on Thursday. The jobless rate came in at seasonally adjusted 6.2 percent, the same rate as seen in May and down from 6.4 percent in the same period last year, Eurostat said Thursday.
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