DAX Climbs Higher Despite Acceleration In German WPI
(RTTNews) - Despite rising oil prices and an acceleration in wholesale price inflation, German stocks climbed higher on Wednesday as buoyant earnings update from Dutch semiconductor equipment maker ASML aided sentiment.
However, with U.S. inflation data due later in the day, the mood in the market remained a bit cautious.
The benchmark DAX was up 150.81 points or 0.6% at 25,410.71 a little while ago.
Oil prices edged higher amid uncertainty over a recovery in energy shipments from the Persian Gulf following a Houthi missile attack on Saudi Aramco's Dhahran headquarters.
Brent crude futures climbed to $107.51 a barrel before dropping to $105.21. However, the contract edged higher again and was at $106.37 a barrel, a little while ago.
Bayer climbed more than 5%. Rheinmetall, BMW, Henkel and Vonovia gained 4.1%-4.4%. Fresenius Medical Care and Adidas moved up 3.5% and 3.4%, respectively.
Continental, MTU Aero Engines, Heidelberg Materials, BASF, Qiagen, Scout24, Deutsche Post, Beiersdorf, Allianz, Mercedes-Benz, Brenntag, E.ON, Daimler Truck Holding, Deutsche Bank, Fresenius and Merck also posted impressive gains.
Infineon Technologies dropped about 4%. Siemens Energy, Zalando, Hochtief, RWE and Hannover RE drifted lower by 0.5%-1%.
In economic news, Germany's wholesale price inflation hit the highest since early 2023 on energy and intermediate goods prices in September, data from Destatis showed.
Wholesale price inflation rose to 8.7% from 6.8% in the prior month. Month-on-month, wholesale prices rose 1.9% in September, following August's 0.9% increase. This was the third consecutive increase and exceeded economists' forecast 0.6%.
