Plus   Neg

DAX Holds Steady As Investors Await ECB Minutes

German stocks held steady on Thursday after Federal Reserve Chairman Jerome Powell signaled the central bank is ready to cut interest rates later this month amid increased economic uncertainties.

Investors await the release of the ECB June minutes later in the day for further direction.

The benchmark DAX was marginally higher at 12,374 in opening deals after losing half a percent the previous day.

Beverage filling and packaging company Krones AG slumped 18 percent after the company lowered its 2019 EBT margin outlook to around 3 percent from the prior target of around 6 percent.

Deutsche Bank dropped 1.4 percent. Earlier this week, the bank kicked off a plan to cut 18,000 jobs in a massive overhaul of the business.

Südzucker tumbled 2.7 percent after its operating result for the first-quarter 2019/20 decreased to 47 million euros from the previous year's 78 million euros, mainly due to losses in the sugar segment.

Drug delivery devices maker Gerresheimer soared 9 percent after its net income for the second quarter of 2019 significantly increased to 47.1 million euros from 19.3 million euros in the prior-year quarter.

In economic releases Germany's consumer price inflation accelerated as initially estimated in June, final data from Destatis showed.

Consumer prices advanced 1.6 percent year-on-year in June, faster than the 1.4 percent increase in May. The annual rate came in line with the estimate published on June 27.

For comments and feedback contact: editorial@rttnews.com

Follow RTT