December 7, 2022

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DAX Little Changed As Euro Maintains Gains

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German stocks were subdued on Friday due to the Thanksgiving holiday in the United States. The U.S. markets will close early as trading resumes later in the day.

Underlying sentiment remained supported somewhat after official data showed Germany’s economy expanded more than initially estimated in the third quarter, despite weaker global growth, delivery bottlenecks and rising inflation.

GDP grew 0.4 percent sequentially in the third quarter, faster than the 0.1 percent rise in the second quarter. The rate was revised up from 0.3 percent estimated on October 28.

Additionally, survey results from the market research group GfK showed that German consumer confidence is set to rise moderately in December.

The forward-looking consumer confidence index rose to -40.2 from -41.9 in November.
The benchmark DAX was down 6 points at 14,533 after climbing 0.8 percent in the previous session.

The euro rose for the fourth straight day against the dollar after hawkish ECB comments.

1&1 AG was little changed after it concluded a long-term agreement with Orange for the provision of international roaming services for the 1&1 mobile network.

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2022-11-25 03:57:26

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