German stocks were little changed, trading near a record, as investors awaited the European Central Bank’s latest interest-rate decision.
Commerzbank AG (CBK) jumped 8.8 percent after reporting a 15 percent increase in third-quarter profit as it paid less tax. Siemens AG (SIE) rose 2.1 percent after posting income from continuing operations that beat analysts’ estimates. HeidelbergCement AG (HEI) dropped 3.1 percent after the world’s third-largest maker of cement said third-quarter profit fell 7 percent.
The DAX Index (DAX) added 0.1 percent to 9,049.07 at 9:45 a.m. in Frankfurt. The equity benchmark has rallied 19 percent this year as central banks around the world pledged to leave interest rates low for a prolonged period of time. The broader HDAX Index was little changed today.
“Despite the fact that the current earning season is solid, the mood on the markets remains unsteady,” Marcus Silbe, a Frankfurt-based analyst at Close Brothers Seydler Research AG, wrote in a note. “Furthermore, the European Central Bank is not expected to cut its interest rate today.”
The ECB will announce its interest-rate decision at 1:45 p.m. in Frankfurt. President Mario Draghi holds a press conference 45 minutes later. Three of the 70 economists surveyed by Bloomberg forecast that the central bank will cut its benchmark interest rate to 0.25 percent from 0.5 percent. In a separate survey, eight out of 38 economists predicted that the ECB will lower interest rates in December.
In the U.S., a Commerce Department report at 8:30 a.m. in Washington may show the world’s biggest economy expanded at a 2 percent annualized rate in the third quarter, according to the median forecast of economists in a Bloomberg survey. Gross domestic product increased 2.5 percent in the previous period.
The volume of shares changing hands in DAX-listed companies was 85 percent greater than the average of the last 30 days, according to data compiled by Bloomberg.
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