DAX Edges Higher After GDP Data
2024-08-28
1829
(fxcue news) - German stocks were modestly higher on Tuesday after the release of mixed economic data.
The German economy contracted, as initially estimated, in the second quarter due to weak household consumption and investment, official data revealed.
GDP fell 0.1 percent sequentially, in line with the flash estimate, following a 0.2 percent rise in the first quarter, according to final results from Destatis.
Calendar-adjusted GDP stagnated on a yearly basis in the second quarter, in contrast to the 0.1 percent decline estimated initially. This follows a 0.1 percent drop in the first quarter.
Meanwhile, hopes of a consumer-driven recovery in the second half of the year got another hit with consumer confidence dropping.
A monthly survey data from the market research group Gfk revealed that the forward-looking consumer confidence index fell to -22.0 from revised -18.6 in August.
The benchmark DAX was up 52 points, or 0.3 percent, at 18,669 after ending flat with a negative bias the previous day.
In corporate news, Rheinmetall AG edged up slightly.
The arms and automotive company said that it will start making exhaust gas recirculation valves or EGR valves for a "renowned car manufacturer."
Daimler Truck Holding AG fell more than 1 percent as Goldman Sachs downgraded its rating on the stock to "neutral" from "buy".
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