DAX Rises As Oil Prices Drop
(RTTNews) - German stocks climbed higher Thursday morning as oil prices fell despite concerns about Middle East tensions and uncertainty surrounding the reopening of the Strait of Hormuz. Inflation data from the U.S. has raised hopes the Fed will not hike interest rates for now.
Brent crude futures dropped to $87.25 a barrel, losing nearly 2% from previous close.
The benchmark DAX was up 129.07 points or 0.49% at 26,475.36 a little over half an hour before noon.
Rheinmetall climbed nearly 2.5%. Commerzbank, Qiagen, Siemens Energy, Deutsche Bank and Airbus gained 1%-1.6%.
Utility RWE gained 1% after first-half core profit topped forecasts.
Shares of car rental company Sixt soared 5% thanks to the group posting record first-half revenue.
Steel and industrial technology group Thyssenkrupp rose about 1 percent as it raised the lower end of its profit outlook for 2026.
Allianz, Fresenius Medical Care, SAP, RWE, MTU Aero Engines, Siemens, Siemens Healthineers, Heidelberg Materials and Zalando posted moderate gains.
Brenntag and BASF drifted down 1.7% and 1.5%, respectively. Volkswagen, Daimler Truck Holding and Mercedes-Benz lost 1%-1.1%.
Hannover RE, Symrise, Munich RE, Infineon Technologies, Adidas, Continental and Merck shed 0.5%-0.9%.
