DAX Edges Higher On Recovery Hopes

German stocks eked out modest gains on Monday amid hopes the post-pandemic recovery is gathering pace.

Leaders of G7 nations vowed to continue their massive economic support programs "for as long as is necessary" in order to avoid the economic damage caused by an early withdrawal of stimulus.

"We will continue to support our economies for as long as is necessary, shifting the focus of our support from crisis response to promoting growth into the future," the G7 leaders said in a communique on Sunday.

A two-day policy meeting of the Federal Reserve gets underway this week, with investors looking for hints of possible changes in ultra-low interest rates and economic stimulus.

It is widely expected that the Fed will reiterate its commitment to ultra-loose policy despite rising inflation.

The benchmark DAX hovered near a record high at 15,723, up 29 points, or 0.2 percent, from its previous close.

Banks Commerzbank and Deutsche Bank were modestly lower.

Automakers saw broad-based losses, with Volkswagen falling more than 1 percent.

In economic releases, Eurozone industrial production data for April will be released later in the day.

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