DAX Up Firmly In Positive Territory

(RTTNews) - Germany's equity benchmark DAX moved firmly up in positive territory on Friday, lifted by gains in automobile and technology sectors, even as investors awaited Fed Chair Kevin Warsh's speech at Jackson Hole later in the day for fresh clues on interest rates.

The DAX was up 165.00 points or 0.63% at 26,520.97 a little while ago.

RWE climbed 2.5%. Brenntag moved up 2%, while BMW, Continental, Siemens, Infineon Technologies, BASF, Mercedes-Benz, Volkwagen, Allianz, Symrise and E.ON gained 1%-1.8%.

Bayer, Hochtief, Siemens Healthineers, Heidelberg Materials, Commezbank, MTU Aero Engines, Deutsche Boerse, Deutsche Bank and Daimler Truck Holding gained 0.5%-0.8%.

Qiagen drifted down 1.2%. Fresenius Medical Care, Scout24, SAP, Zalando, Fresenius, Deutsche Telekom and Vonovia also traded weak.

Data from Destatis showed Germany's import price inflation accelerated in July as prices of intermediate goods and energy increased sharply amid tensions in the Middle East.

Import prices in Germany increased at a faster pace of 6.8% on a yearly basis, following May's 6.1% rise. Import prices rose 0.2% from a month ago, in contrast to the 0.7% fall in June. Prices were forecast to grow 0.3%.

Export prices were 4.2% higher than in the previous year, marking the strongest increase since February 2023. This followed a 3.5% rise in June and 3.4% increase in May. Month-on-month, export prices gained 0.4% in July.

Meanwhile, Germany's seasonally adjusted unemployment rate held steady at 6.4% in August, in line with expectations and remaining at its highest level since 2020. On a non-seasonally adjusted basis, unemployment remained above 3 million for a second consecutive month, rising by 36,260 to 3.061 million.