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DAX Rises On Fed Rate Cut Hopes

(RTTNews) - German stocks rose on Thursday after a measure of U.S. consumer prices barely rose in May, bolstering expectations for Fed rate cuts this year.

Lingering U.S.-China trade tensions and fresh signs of deterioration in U.S.-Germany relations over the Nord Stream 2 pipeline served to limit the upside to some extent.

The benchmark DAX was up 74 points or 0.61 percent at 12,190 after losing 0.3 percent the previous day.

Copper producer Aurubis slumped 10 percent. The company said its chief executive will leave two weeks earlier than planned.

United Internet soared 5.2 percent and 1&1 Drillisch jumped as much as 8 percent after Germany completed its 5G mobile spectrum auction.

In economic releases, Germany's consumer price inflation moderated as estimated in May from a five-month high on air tickets and holiday packages, final data from Destatis revealed.

Consumer price inflation eased to 1.4 percent from 2 percent in April. The rate came in line with the estimate published on May 31.

On a monthly basis, consumer prices gained 0.2 percent in May, in line with the flash estimate.
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