DAX Modestly Higher In Cautious Trade
(RTTNews) - After opening slightly higher and moving further up subsequently, the German market briefly fell into negative territory Wednesday morning before emerging above the flat line in cautious trade.
Investors are assessing the likely move of the Federal Reserve with regard to interest rate cuts, in addition to monitoring the developments on the trade and political fronts.
The benchmark DAX was up 56.16 points or 0.23% at 24,288.04 about half an hour past noon.
BASF is gaining 2.3% thanks to Citigroup giving a "buy" rating to the stock. Infineon Technologies is rising 1.75%, buoyed by semiconductor major ASML's strong third-quarter sales numbers, and encouraging fourth-quarter guidance.
Merck is up 1.75%. Beiersdorf is gaining nearly 1.5%. Siemens, Benntag, Commerzbank, Siemens Healthineers, Symirse and Munich RE are up with moderate gains.
Rheinmetall is down more than 2%. Fresenius Medical Care, Scout24 and Deutsche Boerse are down 1.4 to 1.6%, while Zalando is declining nearly 1%.
In economic news, data from Eurostat showed Eurozone industrial production slipped 1.2% month-over-month in August, reversing an upwardly revised 0.5% gain in July. On an annual basis, Eurozone industrial production growth slowed to 1.1% in August from 2.0% in July.
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