DAX Edges Higher As Swiss National Bank Announces Big Rate Cut
(RTTNews) - German stocks edged up slightly on Thursday as the Swiss National Bank cut its interest rate by 50 basis points, its biggest reduction in almost 10 years amid an ongoing tussle with depressed inflation and a strong Swiss franc.
A European Central Bank policy decision is awaited later in the day, with economists expecting a 25-bps rate cut.
The benchmark DAX was up 30 points, or 0.2 percent, at 20,429 after gaining 0.3 percent in the previous session.
Automakers BMW and Mercedes Benz were up around half a percent.
Hensoldt AG, a provider of sensors and security solutions, rallied 1.3 percent after confirming its outlook for fiscal 2024, and raising parts of its medium-term target.
Nordex SE, a manufacturer of wind turbines, edged up slightly. The company said it has received an order from Eco-Optima in Ukraine to provide turbines for its 40 MW Sokal Wind Farm.
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