June 23, 2024

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DAX Edges Up Slightly In Cautious Trade

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German stocks edged up slightly on Thursday as investors braced for key U.S. and Eurozone inflation data to gauge the outlook for interest rates.

Meanwhile, the share of German factories reporting material shortages increased slightly in February as geopolitical tensions and strikes affected supply chains, results of a survey by the ifo Institute showed.

Separate data published by Destatis revealed that Germany’s retail sales unexpectedly declined in January.

Retail sales decreased 0.4 percent in January from the previous month, confounding expectations for an increase of 0.5 percent.

The benchmark DAX was up 40 points, or 0.2 percent, at 17,641 after rising 0.3 percent on Wednesday.

In corporate news, Beiersdorf slumped 4.2 percent after the Nivea maker warned of slowing sales growth.

Semiconductor parts maker Aixtron plunged 13 percent despite Q4 revenue coming above expectations.

Wind turbine manufacturer Nordex jumped 3 percent after narrowing its full-year net loss.

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2024-02-29 03:53:46

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