German DAX index edges higher despite flat ECB rate and weaker production data

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Source: Dukascopy Bank SA
German DAX index recovered and traded higher on Wednesday as investors hoped for an interest rate cut by ECB. These expectations managed to offset negative effect from weaker German Industrial Production data for April. Index slightly retreated but remained strong after ECB decided to keep benchmark interest rate flat. Banks and car makers rebounded from previous losses. Commerzbank added 1.4% despite Moody's downgrade. Deutsche Bank advanced 1.4%. BMW AG gained 2.1% and Daimler improved by 0.8%. At the moment of writing DAX trades 1.2% or 72.6 points higher at 6,041. 

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Wed, 06 Jun 2012 16:39:24 GMT

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