DAX Edges Higher On Dovish Fed Expectations

2024-08-17 1321
(fxcue news) - German stocks were modestly higher on Thursday as a preliminary survey showed German business activity contracted in August for a second consecutive month and by more than expected, reinforcing investor bets on a September ECB rate cut. Dovish Fed expectations also underpinned sentiment following the release of minutes from the Federal Reserve meeting and a downward revision to U.S. payrolls data. The benchmark DAX was up 43 points, or 0.2 percent, at 18,492 after rising half a percent the previous day. In corporate news, ticketing group CTS Eventim soared 7 percent after upgrading its full-year earnings outlook. Lender Deutsche Bank rallied 2.6 percent after settling with over 80 plaintiffs in the Postbank AG litigation.
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