(RTTNews) – The German stock market’s benchmark index DAX climbed higher on Monday despite concerns about inflation, interest rates and economic growth, as oil prices moved higher amid escalating Middle East tensions.
Investors also looked ahead to the European Central Bank’s monetary policy meeting due on Thursday. The ECB is widely expected to hold rates after raising them for the first time in almost three years on June 11.
The DAX was up 112.60 points or 0.45% at 24,940.05 a little while ago.
Siemens Energy climbed nearly 3.5% and RWE moved up 3%. Fresenius gained 2.1%, while Zalando, Siemens, Munich RE, Fresenius Medical Care, Adidas, SAP, Heidelberg Materials and Hochtief advanced 0.3%-1%.
MTU Aero Engines, Vonovia and Bayer shed 1.1%-1.2%. Beiersdorf, Continental, BASF, Qiagen, Infineon Technologies, Symrise and Henkel lost 0.5%-1%.
On the economic front, data from Destatis showed producer prices in Germany grew 1.8% on a yearly basis in June, after rising by 2.2% in May. On a monthly basis, producer prices dropped 03% in June compared to economists’ forecast of 0.2% fall.
