February 8, 2023

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DAX Edges Higher On Solid Exports Data

1 min read

German stocks edged higher on Friday after data showed the country’s exports rebounded at a stronger than expected pace in April despite sanctions imposed on Russia dampening trade in Europe.

Exports advanced 4.4 percent on a monthly basis, in contrast to the 3.0 percent decline posted in March, data from Destatis showed.

Shipments were expected to grow only 1.5 percent. Year-on-year, exports growth improved to 9.2 percent from 8.5 percent.

Meanwhile, S&P Global’s final services Purchasing Managers’ Index (PMI) came in at 55.0 in May versus 57.6 the previous month and the flash estimate of 56.3.

Investors look ahead to the release of U.S. non-farm payrolls data later in the day for additional clues about central bank tightening.

Germany’s 10-year yield roe by two basis points to 1.25 percent ahead of the European Central Bank meeting next week.

The benchmark DAX rose 41 points, or 0.3 percent, to 14,526 after gaining 1 percent the previous day.

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2022-06-03 04:55:05

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