German Market Higher, Lufthansa Falls On Downgrade

By RTT News, 

( - The German market is trading higher on Wednesday, ahead of the release in the U.S. of ADP's private sector payrolls report for June. That said, the gains were limited as traders were cautious before the central bank decision Thursday.

On the economic front, producer prices in the euro area declined at a slower pace for the second straight month in May, in line with the expectations of economists, figures from Eurostat showed.

Industrial producer prices in the domestic market dropped 1.0 percent year-on-year in May, slower than April's 1.2 percent decline,. In March, prices fell 1.7 percent.

U.K. house price growth accelerated further to 11.8 percent in June from 11.1 percent in May, Nationwide said Wednesday. Compared to May, house prices gained 1 percent in June.

The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.21 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.37 percent.

The DAX index is gaining 0.22 percent.

ThyssenKrupp is rising 1.7 percent and Lanxess is adding 1.6 percent.

BMW is gaining 0.8 percent. It was reported that the automaker is planning to invest about $1 billion for its first assembly plant in Mexico.

Bilfinger, which cut full year outlook on Tuesday, is gaining 2.3 percent despite negative broker comments.

Deutsche Lufthansa is losing close to 3 percent. Barclays cut the stock to ''Equalweight'' from ''Overweight.''

The Asian stocks advanced strongly, tracking the positive close on Wall Street overnight.

In the U.S., futures point to a higher open on Wall Street. In the previous session, stocks moved sharply higher over the course of the trading day. The Dow advanced 0.8 percent, the Nasdaq jumped 1.1 percent and the S&P 500 climbed 0.7 percent.

Crude for August delivery is losing $0.19 to $105.15 per barrel, while gold is rising $1.5 to $1328.1 a troy ounce.

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This article appears in: News Headlines

Referenced Stocks: BCS

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