BRUSSELS (dpa-AFX) - The German market is up firmly in positive territory on Wednesday, with stocks from several sectors posting solid gains, amid expectations of a rate cut by the Federal Reserve next month, and on hopes that the impact of tariffs on growth will be less severe than feared earlier. Investors are also digesting the nation's inflation data.
U.S. Treasury Secretary Scott Bessent wants the Fed to keep the door open to a larger, 50 basis-point rate cut next month following recent weak job growth revisions.
The benchmark DAX was up 183.13 points or 0.76% at 24,232.25 a little while ago.
Zalando, up nearly 3%, is the top gainer in the benchmark index. Rheinmetall, Bayer, SAP, Fresenius Medical Care and Fresenius are gaining 2 to 2.6%.
E.ON is up nearly 1.5%. The energy utility company reaffirmed its annual adjusted earnings guidance after posting improved results for the first half.
Munich RE is rising 1.2%. Adidas, Allianz, Beiersdorf, Deutsche Bank, Heidelberg Materials, RWE, Siemens, MTU Aero Engines and Vonovia are up with moderate gains.
Brenntag is down more than 2%. Continental is lower by about 0.8%, while Deutsche Post, Volkswagen, Porsche and Mercedes-Benz are down with modest losses.
Data from Destatis showed Germany's consumer price inflation remained stable in July, as initially estimated.
The consumer price index logged an annual increase of 2% in July, the same rate of rise as seen in June and matched the estimate published on July 31.
'The rate of inflation has stabilised since the start of the year and remained unchanged again for two consecutive months,' Destatis President Ruth Brand said.
Inflation based on the harmonized index of consumer prices slowed to 1.8%, as estimated, from 2% in June. Core inflation excluding food and energy, was unchanged at 2.7%, in line with the initial estimate.
On a monthly basis, consumer prices moved up 0.3% after remaining flat in June. The HICP posted a 0.4% rise, following a 0.1% increase in June. Monthly rates matched initial estimates.
Germany's wholesale price inflation eased in July largely due to lower prices of solid fuels and mineral oil products, data from Destatis showed.
Wholesale selling prices increased 0.5% year-on-year in July, slower than the 0.9% rise in June. Nonetheless, prices have increased for the eighth consecutive month.
Month-on-month, wholesale selling prices edged down 0.1% in July.
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