DAX Gains Ahead Of ECB Decision

(RTTNews) - German stocks traded higher on Thursday amid expectations the European Central Bank (ECB) will deliver a quarter-point rate cut later today, a move that would mark its second reduction to the deposit rate this year.

Meanwhile, Germany's wholesale prices declined at a faster pace in August on lower petroleum product prices, data from Destatis revealed.

Wholesale prices decreased 1.1 percent year-on-year in August, bigger than the 0.1 percent drop in July.

Wholesale prices have been falling since May 2023 and the latest drop was the biggest in four months.

On a monthly basis, wholesale prices slid 0.8 percent in August, reversing a 0.3 percent rise in July.

The benchmark DAX was up 202 points, or 1.10 percent, at 18,532 after rising 0.4 percent in the previous session.

Technology stocks followed their U.S. peers higher, with Infineon Technologies rising nearly 3 percent.

Nordex SE climbed 2.1 percent. The wind turbine manufacturer said it has received an order from renewable energy company Ørsted for its 43 MW Farranrory wind farm in Ireland.