DAX Up Sharply On Fed Rate Cut Hopes, Easing Concerns Over Government Shutdown
(RTTNews) - German stocks are up in positive territory on Thursday amid rising expectations of more monetary easing by the Federal Reserve, and hopes that the government shutdown in the U.S. is unlikely to have a significant impact on the economy.
Auto and technology stocks are among the notable gainers. Technology stocks are up following OpenAI striking a deal with South Korean chipmakers.
The benchmark DAX, which climbed to 24,474.72 earlier in the session, was up 277.79 points or 1.15% at 24,427.25 a little while ago.
Siemens Energy is gaining more than 4.5%. Zlando is up 3.1% and Siemens is rising nearly 3%. Infineon Technologies is up with a gain of 2.5%.
BASF is up nearly 2% after the chemicals maker confirmed its 2028 financial targets.
Brenntag, Continental, Mercedes-Benz, Porsche Automobil Holding, SAP, Adidas, Munich RE and Commerzbank are gaining 1 to 1.7%.
Rheinmetall, Beiersdorf, Deutsche Boerse, Vonovia, BMW, Henkel, Allianz and Deutsche Telekom are also notably higher.
Scout24 is down by about 1.4% and Bayer is down 1%. E.ON, RWE, MTU Aero Engines and Merck are lower by 0.5 to 0.8%.
In economic news, data from Eurostat showed the Euro Area seasonably adjusted unemployment rate edged up to 6.3% in August, from an all-time low of 6.2% in July.
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