DAX Rises To Fresh Peak Amidst China Cheer
2024-09-23
2227
(fxcue news) - Euphoria surrounding the massive liquidity easing measures implemented in China as well as the prospect of another rate cut by the ECB in October lifted the DAX benchmark to a record high on Friday. Data from France and Spain that showed inflation at levels lower than expected spurred renewed rate cut expectations.
The forty-scrip DAX index is currently trading at 19,359.25, having gained 0.72 percent from the previous close of 19,220.2. The day's trading ranged between a high of 19,366.25 and a low of 19,252.25.
In the 40-scrip index, only 12 scrips are trading in the overnight red zone.
Brenntag has surged 6.2 percent followed by BASF that has gained 5.7 percent. Porsche and Continental have rallied more than 4 percent followed by Infineon Technologies, Siemens Healthineers and Zalando that have all added more than 3 percent in the day's trading.
Siemens Energy dropped 1.7 percent. Munchener Ruck, SAP and Hannover Ruck have all declined more than 0.75 percent.
The EUR/USD pair has slipped 0.22 percent and is currently trading at 1.1151 after ranging between 1.1179 and 1.1125. The EUR/GBP pair has edged up 0.02 percent to 0.8334 whereas the EUR/JPY pair has slipped 1.34 percent to 159.71.
In tandem with the global easing in bond yields, German bond yields decreased 1.7 percent. The same is at 2.1360 percent versus 2.173 percent at the previous close. Yields ranged between 2.109 percent and 2.1895 percent in the day's trading.
Data released earlier in the day had shown Germany's Unemployment rate steady at 6 percent on expected lines. The number of unemployed individuals however rose by 17,000 in September 2024 versus 12 thousand that the markets had anticipated.
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