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DAX Rises After Dovish Fed Comments

German stocks advanced on Friday as dovish comments from a top Federal Reserve official added credence to market expectations the Fed will cut rates later this month.

The benchmark DAX was up 107 points or 0.87 percent at 12,334 in opening deals after losing 0.9 percent the previous day.

Automaker BMW rallied 1.2 percent after it named Oliver Zipse as its new chief executive.

Reinsurer Munich Re climbed 2.2 percent. The company said it expects second-quarter consolidated result to be about 1 billion euros as a result of low major-loss expenditure and high reserve releases for basic losses in reinsurance from prior years.

Sartorius AG, a laboratory and pharmaceutical equipment provider, edged up slightly after lifting its FY19 sales view and backing margin forecast.

In economic releases, German producer prices advanced 1.2 percent year-on-year in June, slower than the 1.9 percent increase seen in May and the expected rate of 1.5 percent, figures from Destatits showed.

According to the European Central Bank, the euro area current account surplus rose to a seasonally adjusted EUR 30 billion in May from EUR 22 billion in April.

The surplus in trade in goods increased to EUR 27 billion from EUR 23 billion, while the surplus on services fell to EUR 5 billion from EUR 7 billion.

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