DAX Positive Amidst Boost In Business Climate
2024-10-28
4657
(fxcue news) - A more-than-expected increase in the Business Climate indicator and positive earnings updates from the corporate sector helped the DAX benchmark record positive performance in the day's trading.
Data released earlier in the day showed Germany's Ifo Business Climate indicator increase for the first time in six months to 86.5 in October. The reading surprised markets which had anticipated only a marginal rise to 85.6 from 85.4 in September which was also the lowest reading since January.
The forty-scrip DAX index is currently trading at 19,474.10, versus the previous close of 19,467.45. The day's trading ranged between a high of 19,509.00 and a low of 19,388.36.
In the 40-scrip index, 18 scrips are trading in the overnight green zone.
Daimler Truck Holding has surged 4.2 percent followed by Siemens Energy that has gained 2.3 percent. Heidelberg Cement, Deutsche Bank and Siemens have all gained more than 1 percent in the day's trading.
Continental dropped 2.3 percent. Rheinmetall, Beiersdorf and Qiagen have all declined more than 1 percent.
The EUR/USD pair has edged down 0.03 percent and is currently trading at 1.0823 after ranging between 1.0838 and 1.0814. The EUR/GBP pair has edged down 0.07 percent to 0.8338 whereas the EUR/JPY pair has edged up 0.05 percent to 164.49.
In tandem with the global hardening in bond yields, German bond yields increased 0.82 percent. The same is at 2.2735 percent versus 2.2550 percent at the previous close. Yields ranged between 2.2845 percent and 2.2440 percent in the day's trading.
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