German stocks rose, with the DAX Index closing above the 9,000 mark for the first time ever, as data showed U.S. retail sales excluding cars climbed in September and investors speculated the Federal Reserve will delay scaling back stimulus.
Infineon Technologies AG and Commerzbank AG led gains, each advancing at least 1.9 percent. Deutsche Boerse AG lost 1.9 percent amid a report that Germany’s two largest parties agreed on the need for a financial transaction tax.
The DAX Index increased 0.5 percent to a record 9,022.04 at the close in Frankfurt. The gauge has rallied 5 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 0.5 percent today.
“It is a case of wait and see on extremely light trading as investors wait for the Fed meeting or other major events which could lead to some kind of headwind or new impulse,” Christian Schmidt, a market analyst at Helaba Landesbank Hessen-Thueringen in Frankfurt, said.
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 U.S. Commerce Department report showed retail sales in the world’s largest economy, excluding cars, advanced last month. The 0.4 percent gain followed a 0.1 percent increase in August and matched the median forecast of economists surveyed by Bloomberg. Total retail sales unexpectedly dropped 0.1 percent.
Infineon Technologies added 2.5 percent to 7.11 euros. Commerzbank climbed 1.9 percent to 9.59 euros.
Hannover Re, The world’s fourth-largest reinsurer, added 0.5 percent to 59.59 euros after JPMorgan Chase & Co. upgraded the shares to neutral from underweight.
Deutsche Boerse, the operator of the Frankfurt Stock Exchange, retreated 1.9 percent to 56.31 euros. Chancellor Angela Merkel’s Christian Democratic Union and the Social Democrats have agreed that a financial transaction tax must be implemented in Europe, broadcaster ZDF reported, citing Social Democrat and European Parliament President Martin Schulz.
Separately, Deutsche Boerse said the fine that its Clearstream unit faces from U.S. allegations that it violated sanctions against Iran may be half the previously disclosed sum.
The volume of shares changing hands in DAX-listed companies was 17 percent lower than the average of the last 30 days, according to data compiled by Bloomberg.