DAX Modestly Higher On Rate Optimism
(RTTNews) - German stocks eked out modest gains on Friday amid optimism that major central banks are nearly done with interest rate rises.
Investors shrugged off data showing that Germany's exports declined more than expected in September.
Exports decreased 2.4 percent month-on-month, in contrast to the 0.1 percent gain in August, Destatis reported. Economists had forecast shipments to decline 1.1 percent.
At the same time, the fall in imports deepened to 1.7 percent from 0.3 percent. The monthly fall confounded economists' forecast of 0.5 percent increase.
As a result, the trade surplus fell to EUR 16.5 billion from EUR 17.7 billion in August. The expected level was EUR 16.3 billion.
The benchmark DAX was up 50 points, or 0.3 percent, at 15,193 after climbing 1.5 percent in the previous session.
Automaker BMW jumped 3 percent after posting a margin of 9.8 percent in the third quarter for its luxury car business.
Peer Mercedes Benz rose 1.3 percent and Volkswagen added 1.8 percent.
Property company Deutsche Wohnen rose 1.3 percent as it reported preliminary FFO or funds from operations of 456.3 million euros or 1.15 euros per share for the 9-month period.
Real estate group Vonovia SE rallied 2.4 percent after confirming its full-year guidance.
Krones AG advanced 1.5 percent. The packaging and bottling machine maker reported that its third quarter consolidated net income climbed 20.4 percent to 54.3 million euros from the prior year.
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