DAX Rises Ahead Of Busy Data Week; Commerzbank Shares Slump 6%
2024-11-25
4688
(fxcue news) - German stocks opened higher on Monday ahead of the release of key inflation readings from the U.S. and Eurozone, U.S. GDP data and the minutes from the last FOMC meeting due this week.
The single European currency traded below the 1.05 level after ECB chief economist Phillip Lane said that monetary policy should not remain restrictive for too long and that the job is not done yet on inflation.
The benchmark DAX was up 81 points, or 0.4 percent, at 19,404 after gaining 0.9 percent on Friday.
In corporate news, Commerzbank slumped 6 percent. German Finance Minister Joerg Kukies said on Sunday he did not expect UniCredit to go ahead with plans for a takeover of the German lender due to objections raised by the government in Berlin.
Automakers BMW, Mercedes Benz and Volkswagen were up between half a percent and 2 percent in the wake of reports that China and the EU are nearing a solution over eliminating tariffs on Chinese electric vehicle (EV) imports into the bloc.
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