DAX Edges Higher After Inflation Data

(RTTNews) - German stocks traded higher on Thursday as soft inflation data left the door open for another European Central Bank rate cut in September.

Germany's consumer price inflation eased slightly amid lower costs for energy products, as initially estimated in June, according to final data from Destatis.

The consumer price index rose 2.2 percent in June, following May's 3-month high of 2.4 percent. That was in line with the flash data published earlier.

EU-harmonized inflation also softened to 2.5 percent from 2.48 percent, as estimated. The benchmark DAX was up 67 points, or 0.4 percent, at 18,474 after climbing 0.9 percent in the previous session.

In corporate news, Hugo Boss rose about 1 percent after Frasers Group increased its stake in the German fashion brand.

Fielmann surged 4.3 percent. The eyewear company forecast improved EBT margin for 2024 and 2025 after posting encouraging results for the first half.

Nordex gained 0.7 percent after signing a deal with the E energija group to deliver and install six N163/6.X wind turbines, totalling 42 MW capacity, in Lithuania.

Suedzucker slumped 4.3 percent after the sugar producer posted a 45 percent fall in first-quarter earnings.