DAX Inches Higher Ahead Of Fed Decision

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(RTTNews) – German stocks edged higher on Wednesday, though the upside remained limited ahead of the latest interest-rate decision from the U.S. Federal Reserve.

The benchmark DAX was up 32 points, or 0.2 percent, at 15,282 after declining 0.3 percent in the previous session.

Deutsche Bank soared 7 percent as the lender reported its strongest quarterly profits in seven years despite headwinds from restructuring and the coronavirus pandemic.

Puma declined 1.6 percent. After reporting strong first-quarter sales, the sportswear company noted that “recent political tensions in key markets” are leading to increased uncertainty in the industry.

Delivery Hero shares jumped 7.4 percent. The online food ordering company said it expects revenues to more than double in 2021.

In economic releases, German consumer confidence is set to weaken in May as rising cases of infections and the tightening of the lockdown weigh on consumption, survey results from the market research group GfK showed.

The forward-looking consumer sentiment index fell to -8.8 in May from revised -6.1 in April. The score was forecast to rise to -3.5.