Markets

DAX Edges Higher In Cautious Trade

(RTTNews) - German stocks edged higher in cautious trade on Friday as investors kept an eye on rising coronavirus cases in the U.S. and looked ahead to a crucial EU summit for directional cues.

The United States broke a daily record for the 11th time on Thursday, with 75,000 new infections.

German Chancellor Angela Merkel claimed the European Union has to overcome "very big differences" in order to seal a 750 billion-euro ($854 billion) accord at the EU summit in Brussels starting today.

The benchmark DAX rose 20 points, or 0.15 percent, to 12,894 after losing 0.4 percent the previous day.

Banks declined, with Commerzbank and Deutsche Bank falling around 2 percent.

Automakers were on the rise. BMW rallied 2.3 percent, Daimler surged 3.8 percent and Volkswagen gained 2.5 percent after Daimler said auto markets recovered at the tail end of the second quarter.

Travel-related stocks retreated, with Lufthansa down 2.5 percent and TUI AG falling 0.6 percent.

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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