DAX Modestly Up After Hitting Fresh Record High

(RTTNews) - German stocks are up in positive territory on Thursday, extending gains from the previous three sessions, as investors continue to focus on US-EU trade negotiations. Data showing a drop in Germany's consumer price inflation in the month of June is aiding sentiment.

EU trade chief Maros Sefcovic said there was good progress on a framework trade agreement and a deal may even be possible within days.

The benchmark DAX, which climbed to 24,640.90, a new record high, was up 55.65 points or 0.23% at 24,577.58 a little while ago.

Merck, the top gainer in the benchmark index, is up nearly 2.3%. Porsche is gaining nearly 2% and Brenntag is up 1.9%. BASF, Porsche Automobil Holding, Sartorius, Beiersdorf, Qiagen, Volkswagen and Mercedes-Benz are up 1 to 1.6%.

Bayer, BMW, Siemens Healthineers, Deutsche Post, SAP, Fresenius Medical Care, Siemens and Daimler Truck Holding are up with moderate gains.

Commerzbank is down nearly 3%. Siemens Energy and Rheinmetall are down 1.4% and 1.2%, respectively. Deutsche Boerse, MTU Aero Engines, Deutsche Telekom and Heidelberg Materials are also weak.

Final data from Destatis showed Germany's inflation eased to the lowest in eight months in June, as initially estimated, due to continued decline in energy prices and slowdown in food inflation.

Consumer price inflation slowed to 2% in June, in line with flash estimate, from 2.1% in May.

A similar lower rate was last reported in October 2024. With the latest slowdown, inflation hit the European Central Bank target.

"In addition to the continued decline in energy prices, food price inflation slowed in particular," Destatis President Ruth Brand said. "On the other hand, the above-average increase in service prices continued to drive up inflation," Brand added.

Excluding energy and food prices, core inflation eased marginally to 2.7% in June from 2.8% in May. The rate matched the estimate published on June 30.