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DAX Edges Higher On Fed, ECB Rate Cut Hopes

2024-06-07MyfxbookMyfxbook
German stocks traded slightly higher on Monday as weaker-than-expected April U.S. jobs report released on Friday along with separate data showing an unexpected contraction in U.S. service sector activity in April boosted
DAX Edges Higher On Fed, ECB Rate Cut Hopes

(RTTNews) - German stocks traded slightly higher on Monday as weaker-than-expected April U.S. jobs report released on Friday along with separate data showing an unexpected contraction in U.S. service sector activity in April boosted the case for rate cuts by the third quarter.

Closer home, media reports quoted European Central Bank Chief Economist Philip Lane as saying that inflation is returning to the target in a timely manner and hence there is a stronger case for June rate cut.

He is one of the six members of the Executive Board of the European Central Bank, along with President Christine Lagarde and Vice President Luis de Guindos.

The benchmark DAX was up 49 points, or 0.3 percent, at 18,050 after rising 0.6 percent on Friday.

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