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Commentary

German Market Moderately Higher

By RTTNews Staff Writer   ✉  | Published:  | Google News Follow Us  | Join Us
rttnewslogo20mar2024

The German market is moderately higher in early afternoon trading Monday, after upbeat data on consumer sentiment and leading economic indicators boosted investor confidence in the U.S. in the previous session.

The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.14 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is losing 0.06 percent.

The DAX index is currently adding 0.5 percent.

Commerzbank is adding 4.8 percent and Deutsche Bank is advancing around 1 percent.

BMW, Volkswagen and Daimler are rising between 3.2 percent and 2.4 percent.

Rheinmetall is climbing 3.6 percent after Deutsche Bank raised the stock to ''Hold'' from ''Sell.''

Bilfinger Berger is modestly up. Merrill Lynch added Bilfinger to its ''Most Preferred List.''

Elsewhere in Europe, the French CAC 40 is rising 0.2 percent and the UK's FTSE 100 is marginally higher. Switzerland's SMI is adding 0.3 percent.

Across Asia/Pacific, markets ended broadly higher. Australia's All Ordinaries rose 0.5 percent, China's Shanghai Composite Index added 0.8 percent and Hong Kong's Hang Seng climbed 1.8 percent. Japan's Nikkei 225 gained 1.5 percent.

In the U.S., futures point to a lower open on Wall Street. In the previous session, stocks rose, as investors cheered upbeat economic reports as well as comments from Minneapolis Federal Reserve President Narayana Kocherlakota, who continued to make the case for an accommodative monetary policy. The Dow gained 0.8 percent, while the tech-heavy Nasdaq and the S&P 500 added about a percent each.

In the commodity space, crude for June delivery is falling $0.55 to $95.47 per barrel and June gold is declining $12.9 to $1351.8 a troy ounce.

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