DAX Gains Ahead Of Fed Decision; Automakers Decline
(RTTNews) - German stocks advanced on Wednesday ahead of key U.S. inflation data and the Federal Reserve's rate decision later in the day.
Meanwhile, Germany's consumer price inflation increased for the first time in five months in May, as initially estimated, according to final data from Destatis.
Consumer price inflation rose to 2.4 percent in May from April's stable growth of 2.2 percent, which was the lowest rate in three years. That was in line with the flash data published earlier.
On the other hand, EU-harmonized inflation climbed to 2.8 percent from 2.4 percent, as estimated.
On a monthly basis, consumer prices edged up 0.1 percent in May, and the HICP also climbed by 0.2 percent. There was no change in figures compared to the initial estimate.
The benchmark DAX was up 93 points, or half a percent, at 18,462 after losing 0.7 percent in the previous session.
Banks traded higher, with Commerzbank and Deutsche Bank both rising around 1 percent. Automakers declined ahead of an announcement regarding additional EU tariffs on imports of Chinese electric vehicles.
BMW lost 1.5 percent, Mercedes Benz shed 0.9 percent and Volkswagen fell 1.4 percent.
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