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DAX Rises Despite Weak Retail Sales Data
(RTTNews) - German stocks rose on Thursday as Fed Chair Jerome Powell signaled a potential slowing of interest rate hikes and two major Chinese cities relaxed some COVID restrictions in efforts to reduce public discontent.
Investors looked past data showing that German retail sales fell more than expected in October as a result of concerns surrounding inflation.
Retail sales contracted by 5 percent year-on-year in October, the federal statistics office said. That was well below forecasts for a 2.8 percent decline. Sales fell 2.8 percent month-on-month.
The benchmark DAX was up 76 points, or half a percent, at 14,473 after gaining 0.3 percent the previous day.
Tech stocks led the surge, with Infineon Technologies rising more than 3 percent.
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The Switzerland market closed modestly higher on Wednesday after staying firm right through the day's session, thanks to fairly strong buying at several counters.
The benchmark SMI closed up by 46.23 points or 0.38% at 12,207.12. The index moved between 12,166.23 and 12,226.36 during the session.
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