German Stocks Are Little Changed After Three-Week Rally
German stocks were little changed, after the benchmark DAX (DAX) Index completed a three-week rally, as investors awaited U.S. data to gauge the strength of the recovery in the world’s largest economy.
Evotec AG (EVT) climbed to its highest level since February 2007 after saying it reached its first targets in a drug research project with partner UCB SA. ThyssenKrupp AG (TKA) declined 2.2 percent after a report that the steelmaker may not be able to sell its plant in Brazil.
The DAX increased 0.1 percent to 8,992.79 at 9:53 a.m. in Frankfurt. The benchmark gauge has climbed 4.6 percent in October as U.S. lawmakers agreed to lift the federal debt ceiling and investors speculated that a worse-than-forecast payrolls report would delay a reduction in the Federal Reserve’s stimulus program. The broader HDAX Index rose 0.2 percent today.
The volume of shares changing hands in DAX-listed companies was 39 percent lower than the average of the last 30 days, according to data compiled by Bloomberg.
U.S. data today may show industrial production climbed 0.4 percent for a second month in September, according to a Bloomberg survey of economists. A separate report will show pending home sales were unchanged last month after dropping 1.6 percent in August, economists predicted.
Members of the Federal Open Market Committee begin a two-day policy meeting tomorrow to consider slowing the pace of asset purchases that have helped push the Standard & Poor’s 500 Index up 160 percent since March 2009. Policy makers will probably wait until March before starting to taper the $85 billion of monthly bond purchases, a Bloomberg survey showed this month.
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