DAX Extends Gains On Economic Optimism
(RTTNews) - German stocks rose on Friday to extend gains from the previous session as fears of a U.S. recession eased and optimism prevailed that the Federal Reserve would lower interest rates by at least 25-basis at next month's upcoming policy meeting.
The benchmark DAX was up half a percent at 18,275 after rallying 1.7 percent the previous day.
Banks and automakers traded higher, with Deutsche Bank, Volkswagen and Mercedes Benz all rising around 1 percent.
The dollar was slightly lower against the euro and pound after the release of upbeat consumer spending and labor market data.
Traders' attention now shifts to the annual Jackson Hole Economic Symposium, which traditionally brings together the heads of the world's leading central banks. This year's event will be held on August 22-24.
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