DAX Edges Higher Ahead Of Key Inflation Data

RTTNews · 06 Jul 2022 227 Views

German stocks eked out modest gains on Friday after the German manufacturing PMI came in at 52.0 in June, in line with expectations.

Eurozone manufacturing PMI dropped to a fresh 22-month low in June but the decline was less than expected. The corresponding index dropped to 52.1 from 54.6 in May.

Government bond yields eased ahead of the first estimate of June consumer price index for the euro zone due later in the day.

ECB policymaker and fiscal hawk Robert Holzmann said in an interview with Austrian newspaper Oberoesterreichische Nachrichten that he would have preferred earlier moves on interest rates than the ECB's current plan to raise them in July for the first time in more than a decade.

The benchmark DAX edged up 32 points, or 0.3 percent, to 12,816 after falling 1.7 percent in the previous session.

Siemens AG shares were slightly higher. The conglomerate said it expects to book non-cash impairment of about 2.8 billion euros on its investment in Siemens Energy AG. Shares of the latter advanced 1.3 percent.

Infineon Technologies fell 2.4 percent following a significantly weaker than expected business outlook by U.S. memory-chip firm Micron Technology Inc.

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