Dusseldorf Hopes for smaller rate hikes in the US are driving the German stock market on Monday. In the first few minutes of trading, the leading German index Dax rose to 12,930 points. In the early afternoon, it is up a good one percent at 12,863 points.
The Wall Street Journal reported on Friday evening that some Federal Reserve officials wanted to downshift interest rates. In addition, the international financial markets are relieved that Boris Johnson will not run for the post of British Prime Minister after all.
However, weak data from the economy are having a negative impact. The purchasing managers’ index for the private sector published in the morning fell well below the 50 mark, from which the barometer signals growth. “Signs of a recession in the euro zone’s largest economy have increased,” said Phil Smith, an economist at financial services firm S&P, who compiled the data from a survey of 800 companies.
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