German Stocks Advance; RWE Gains as Deutsche Bank Falls
Stock Chart for RWE AG (RWE)
German stocks advanced as investors watched a Federal Reserve policy meeting that begins today amid optimism policy makers will hold off scaling back stimulus.
RWE AG (RWE) led gains, rising 1 percent after the utility restarted a nuclear reactor that it halted two days ago. Deutsche Bank, Germany’s biggest lender, dropped 2.6 percent after third-quarter profit fell 94 percent, missing estimates. Deutsche Boerse AG (DB1) fell the most in two months. Continental AG (CON), Europe’s second-largest auto-parts supplier, retreated 0.9 percent after Michelin & Cie. reported a revenue drop.
The DAX Index (DAX) advanced 0.2 percent to 8,995.64 at 9:51 a.m. in Frankfurt. The benchmark gauge has climbed 4.7 percent in October as U.S. lawmakers agreed to end a fiscal impasse 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 also added 0.2 percent today.
The Federal Open Market Committee starts a two-day meeting today to consider whether to start trimming the $85 billion of monthly bond purchases. Policy makers will decide to hold off until March, a Bloomberg survey showed this month.
A Commerce Department report at 8:30 a.m. New York time may show that retail-sales growth stalled in September. Economists forecast no change in purchases after a 0.2 percent gain the previous month, according to a Bloomberg survey. Separate data at 10 a.m. will probably show consumer confidence declined this month.
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