FX.co ★ DAX Inches Higher On ECB Rate Cut Hopes

German stock markets experienced a slight rise on Friday, prompted by remarks from European Central Bank policymaker, Yannis Stournaras, who forecasted three imminent interest rate cuts in 2024.

Stournaras has reportedly stated in an interview that such a scenario is likely, based on the recent economic growth and inflation data. As a result, the primary DAX index rose by 62 points or 0.4%, reaching 17,958 after a 0.2% drop in the previous session.

In corporate developments, Daimler Truck Holding's share price saw a 5% slump, following a decrease in their first-quarter global sales. Contrarily, Deutsche Wohnen, a real estate firm, saw its stocks drop by 1.2% despite reporting a net profit of 99.3 million euros for the first quarter. This profit is a significant improvement from a loss of 667.9 million euros in the same period last year.

Lastly, Krones, a company specializing in packaging and bottling machines, saw its stocks fall by 1.4% despite positive Q1 returns and reaffirmation of its financial forecast for fiscal year 2024.