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DAX Rises 1.5% As Stocks Move Higher On Ukraine Ceasefire Hopes

RTTNews | 13h 44min ago

(RTTNews) - After three successive days of declines, German stocks are up in positive territory Wednesday morning with investors reacting to news that Ukraine has signaled its readiness to accept a U.S. proposal for an "immediate, interim 30-day ceasefire" with Russia.

"A while ago, Ukraine has agreed to the ceasefire. Now we go to Russia and hopefully President Putin will agree to it also," U.S. President Trump said soon after the Jeddah announcement.

On the tariff fron, Russia and the European Union have announced retaliatory tariffs on U.S. imports of steel and aluminum.

The benchmark DAX was up 334.34 points or 1.5% at 22,651.20 a little while ago.

Siemens Energy is climbing up 5.3% and Rheinmetall is rising nearly 5%. Heidelberg Materials is up 3.5%, while Siemens, Commerzbank, MTU Aero Engines, Muench. Rueckvers, Hannover Rueck, Deutsche Bank and Allianz are up 2 to 3%.

Fresenius, RWE, BASF, Deutsche Post, Fresenius Medical Care, Deutsche Boerse and SAP are also noably higher.

Shares of sportswear maker PUMA SE are down 22.7% as the group gave a cautious outlook for the 2025 fiscal year, citing global trade tariffs and currency volatility.

Looking ahead, for fiscal 2025, the company projects adjusted EBIT excluding one-time costs in a range between 520 million euros and 600 million euros. Currency-adjusted sales growth is projected at low- to mid-single digit percentage rate.

In fiscal 2024, EBIT was 622 million euros with an EBIT margin of 7.1%, and currency-adjusted sales growth was 4.4%.

Porsche is down 3.7% after slashing profit targets for fiscal 2025. The company reported weak operating profit in fiscal 2024 amid lower sales and deliveries. The lower results were mainly due to the continuing market challenges in China.

In fiscal 2024, operating profit was 5.64 billion euros, down 22.6% from last year's 7.28 billion euros. Operating return on sales was 14.1%, lower than prior year's 18.0%.

Henkel and Zalando are down 1.5% and 1.3%, respectively. Brenntag is down marginally. The chemical maker said that its profit attributable to shareholders for financial year 2024 declined to 536.2 million euros or 3.71 euros per share from 714.9 million euros or 4.73 euros per share in the prior year.

Canadian Dollar Higher After Soft U.S. Inflation Data

The Canadian dollar strengthened against its major counterparts in the New York session on Wednesday, as U.S. inflation report came in cooler than expected in February, suggesting that the Federal Reserve will resume rate cuts in June.

RTTNews | 4h 53min ago

Swiss Market Ends On Buoyant Note

The Switzerland market closed on a buoyant note on Wednesday, in line with markets across Europe, as optimism about a ceasefire in Ukraine, and data showing a less than expected increase in U.S. consumer prices in the month of February lifted investor sentiment.

RTTNews | 5h 6min ago

European Stocks Close Higher On Ukraine Ceasefire Hopes, Tame U.S. CPI Data

European stocks closed higher on Wednesday, recovering from recent losses, as investors reacted to news about prospects of a ceasefire in Ukraine. Tamer than expected U.S. consumer price inflation data also aided sentiment.

RTTNews | 5h 25min ago

Canadian Stocks Turning In Mixed Performance After BoC Rate Cut, U.S. Inflation Data

Canadian stocks are turning in a mixed performance Wednesday morning with investors digesting the Bank of Canada's interest rate decision, and tamer than expected U.S. consumer price inflation data. Worries about the U.S. Government's stance on tariffs, and the possibility of recession in the U.S., Canada and Mexico, are weighing on sentiment and limiting market's upside.

RTTNews | 7h 36min ago

Elon Musk's Starlink Partners With India's Jio And Airtel

Close on the heels of signing an agreement with one of India's telecom majors Airtel, Elon Musk's SpaceX signed a deal with the country's another tycoon Jio Platforms Ltd, affiliated to Billionaire Mukesh Ambani's Reliance Industries, to offer Starlink satellite Internet services in the country.

RTTNews | 8h 35min ago

Bank Of Canada Cuts Interest Rates By Another 25 Basis Points

With inflation close to the 2 percent target, the Bank of Canada on Wednesday announced its widely expected decision to lower interest rates by another 25 basis points, making its seventh straight rate cut. The Bank of Canada said it decided to reduce its target for the overnight rate to 2.75 percent, with the Bank Rate at 3 percent and the deposit rate at 2.70 percent.

RTTNews | 8h 59min ago

U.S. Consumer Prices Rise Less Than Expected In February, Annual Growth Slows

A report released by the Labor Department on Wednesday showed consumer prices in the U.S. increased by slightly less than expected in the month of February. The Labor Department said its consumer price index crept up by 0.2 percent in February after climbing by 0.5 percent in January. Economists had expected consumer prices to rise by 0.3 percent.

RTTNews | 9h 20min ago

Bay Street Likely To Open On Positive Note

The Bank of Canada's interest rate decision, and U.S. consumer price inflation data are in focus on Bay Street Wednesday morning. The market looks set to open higher thanks to firm commodity prices and European stocks.

RTTNews | 10h 11min ago

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