DAX Climbs To New Record High

(RTTNews) - Germany's equity benchmark DAX climbed to a new record high on Friday, as easing concerns about inflation and interest rates continued to prompt investors to pick up stocks.

The benchmark DAX, which climbed to 25,813.94 earlier in the session, was up 156.0 points or 0.61% at 25,703.30 a little while ago.

E.ON climbed nearly 4%, while Siemens, Gea Group, Hochtief and RWE moved up 1.7%-2.2%.

Infineon Technologies and MTU Aero Engines both gained about 1.5%. Daimler Truck Holdings, Volkswagen, Mercedes-Benz, Deutsche Bank, Siemens Energy and Continental moved up 1%-1.3%. Heidelberg Materials and BMW also climbed notably higher.

SAP and Rheinmetall drifted lower by about 1.7%. Scout24, Beiersdorf and Munich RE shed 1%-1.25%. Henkel, Merck, Qiagen, Hannover RE, Bayer and Deutsche Telekom lost 0.7%-0.9%.

Final purchasing managers' survey results published by S&P Global showed the euro area private sector stabilized in June after two months of moderate decline.

The Eurozone composite output index registered 50.0 in June compared to 48.5 in May. The flash score was 49.5.

The final services PMI rose to 49.4 from 47.7 in the previous month. The score was initially estimated at 48.9.

Germany's private sector contracted in June, reflecting the weakness in the service sector as the manufacturing posted an increase in production. The composite output index fell to 49.5 from 48.8 in the prior month. The reading was above the flash 48.0.

The services PMI came in at 48.6 in June, up from 48.1 in May. However, this was the highest score in the current three-month sequence of contraction and well above the initial estimate of 46.8.