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Germany’s benchmark DAX 30 is down 0.25% today as data released on the Eurozone’s annual inflation rate has shown a 1.1% rise in December, the highest rate of growth since 2013. Forecasts had been for 1% and the reading is the first time that inflation has exceeded 1% since September 2013. Figures for only Germany released yesterday showed that December inflation had reached 1.7% year-on-year. However, despite inflation nearing the ECB target of 1.25%, analysts don’t expect that it will hold above that level for any significant period over the course of 2017, meaning that a wind-down of quantitative easing should not be anticipated.
After a strong start to the year, the DAX is following yesterday’s marginal loss with another gentle downward tendency so far today. Today’s strongest gainer is Deutsche Bank, which is up an impressive 2.82%. Financial stocks performed well during the Asian session earlier on Wednesday, a tendency which has followed through into the European trading session. Commerzbank is also up, though by an incremental 0.09%, and insurer Allianz is showing a gain of 0.66%. In other news relating to Deutsche Bank, the group announced today that financial crime and money laundering chief, Peter Hazlewood, is stepping down after only 6 months in the job.
Elsewhere among the DAX 30’s constituents, Lufthansa and Deutsche Telekom are having positive sessions, up 1.49% and 1.19% respectively. Deutsche Telekom have announced the appointment of former Airtel executive Claudia Nemat, as chief technology and innovation officer. Healthcare company Fresenius is up 0.96%, its shares now at a record high.
Diversified industrials group ThyssenKrupp is the biggest faller so far on Wednesday, with a loss of 1.78% at present, followed by semi-conductor manufacturer Infineon Technologies, down 1.48%. The automobiles sector is not having a good Wednesday with BMW down 1.32%, Daimler 0.82% and Volkswagen 0.96%. Tyre manufacturer Continental is down 1.32%. Deutsche Post, who yesterday announced the completion of their $315.5 million acquisition of UK Mail, are down 0.9%.
Sportswear giant Adidas is recording a 1.24% drop and energy utilities E.ON and RWE down 0.73% and 0.67% respectively.
