DAX Modestly Higher Ahead Of Key Inflation Print
2024-09-23
4129
(fxcue news) - German stocks traded higher on Tuesday, a day after ECB President Christine Lagarde hinted at another cut in interest rates at the Bank's next policy meeting in October, citing falling inflation and data pointing to a slowdown in the region.
The upside remained capped after a survey showed Germany's manufacturing sector contracted at its fastest pace in a year in September.
The Eurozone CPI inflation print may influence sentiment later in the day. The euro area inflation rate will stabilize at the ECB's 2 percent target during the course of 2025, Finnish ECB policymaker Olli Rehn said in a speech earlier today.
The benchmark DAX was up 48 points, or 0.3 percent, at 19,373 after declining 0.8 percent in the previous session.
In corporate news, Covestro AG shares jumped nearly 4 percent as Abu Dhabi's state oil firm ADNOC announced it will buy the German chemicals producer in a 14.7-billion-euro deal ($16.4 billion).
The agreement stipulates that the bidder will make a public takeover offer for all outstanding shares of Covestro at a price of 62.00 euros per share.
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