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DAX Gains With Focus On Fed Meeting
(RTTNews) - German stocks were modestly higher on Friday, heading into next week's FOMC meeting, where a 25-bps interest-rate cut is expected.
The euro edge higher after ECB policymakers signaled no further rate cuts in the immediate future.
ECB official Joachim Nagel stated that inflation in the euro zone is going in the right direction and the inflation target is likely to be reached at the end of next year.
The benchmark DAX was up 72 points, or 0.4 percent, at 18,590 after rallying 1 percent in the previous session.
Commerzbank shares rallied 2.2 percent. The head of Germany's central bank said that authorities would take a "very close look" at UniCredit's overtures to potentially buy the German bank.
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Canadian Dollar Advances Against Majors
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Major European Markets Close Slightly Weak
The major European markets closed slightly down on Friday as investors assessed recent moves of the central banks and weighed the potential impact of tariffs. A bit of profit taking also contributed to the market's weak close.
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The Japanese central bank left its key interest rate unchanged on Friday, as expected, but surprised markets with a decision to reduce the holdings of its massive stock of exchange-traded funds, suggesting that the monetary policy normalization is underway. The Bank of Japan policy board, led by Governor Kazuo Ueda, voted 7-2 to hold the uncollateralized overnight call rate at around 0.5 percen
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FTSE 100 Recovers After Slight Setback, Up Marginally At Noon
After an early modest upmove, the U.K. market slipped into negative territory Friday morning, but recovered ground subsequently to emerge above the flat thanks to selective buying at a few frontline counters.
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Pound Slides As UK Bond Yield Soars
The British pound weakened against other major currencies in the European session on Friday, as long-dated UK bond yields rise sharply in response to increasing public sector borrowings in August.
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