DAX Edges Higher After IFO Survey Data

(RTTNews) - German stocks edged up slightly on Monday after a survey showed German business confidence strengthened in July.

The ifo institute's business confidence index rose more-than-expected to 90.5 from revised 86.3 in June. The reading was forecast to rise to 89.3.

The index measuring current situation came in at 84.5 in July while economists had forecast the score to improve to 85.0 from June's initial estimate of 81.3. The expectations measure advanced to 97.0 from 91.4 a month ago.

The benchmark DAX inched up 32 points, or 0.25 percent, to 12,869 after tumbling 2 percent on Friday.

Tour operator TUI slumped as much as 14 percent. TUI UK announced that it would cancel all holidays to mainland Spain up to and including Sunday 9th August 2020.

Software group SAP climbed 3 percent after it unveiled plans to spin off and float Qualtrics, the U.S. specialist in measuring online customer sentiment.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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