DAX Edges Higher On Fed, ECB Rate Cut Hopes
(RTTNews) - German stocks traded slightly higher on Monday as weaker-than-expected April U.S. jobs report released on Friday along with separate data showing an unexpected contraction in U.S. service sector activity in April boosted the case for rate cuts by the third quarter.
Closer home, media reports quoted European Central Bank Chief Economist Philip Lane as saying that inflation is returning to the target in a timely manner and hence there is a stronger case for June rate cut.
He is one of the six members of the Executive Board of the European Central Bank, along with President Christine Lagarde and Vice President Luis de Guindos.
The benchmark DAX was up 49 points, or 0.3 percent, at 18,050 after rising 0.6 percent on Friday.
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Swiss Market Ends On Firm Note Again
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The U.S. dollar declined against its major counterparts in the New York session on Friday on growing expectations that the U.S. Federal Reserve could start cutting interest rates as early as September.
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Canadian Market Up In Positive Territory; Materials Shares Rally
The Canadian market is up in positive territory on Friday, supported by strong gains in materials shares, which are moving up on firm metal prices.
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U.S. Leading Economic Index Decreases More Than Expected In April
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Elon Musk Says Twitter's Official Rebranding As X Complete
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