DAX Rises As Market Sentiment Improves
2024-08-04
3814
(fxcue news) - Positive earnings updates and firm hopes of a Fed rate cut helped Germany's DAX benchmark extend gains in Monday's trading.
The forty-scrip DAX index is currently trading at 17,740.65, having gained 0.22 percent from the previous close of 17,702.03. The day's trading ranged between a high of 17,831.15 and a low of 17,712.15.
In the 40-scrip index, close to half of the scrips have gained from the levels at previous close.
Reinsurance business Hannover Ruck has rallied 4.2 percent following strong earnings update. Rheinmetall and Commerzbank, both added more than 1.5 percent.
Vonovia dropped 1.26 percent followed by Sartorius that declined close to a percent. Qiagen, Airbus, BMW and Bayer all declined more than half a percent.
The EUR/USD pair has added 0.10 percent and is currently trading at $1.0927 after ranging between $1.0911 and $1.0930.
In tandem with the global hardening in bond yields, German bond yields increased 1.19 percent. The same is at 2.2485 percent versus 2.222 percent at the previous close. Yields ranged between 2.2225 percent and 2.2495 percent in the day's trading.
Data released by the Federal Statistical Office earlier in the day had shown Wholesale Prices rising 0.30 percent month-on-month in July, compared to the market forecasts of a 0.20 percent rise and a 0.30 percent decline in the previous month.
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