German Stocks Advance as Investors Await Fed Testimony
German stocks rose, rebounding from yesterday’s decline, as investors awaited a testimony by Federal Reserve Chairman Ben S. Bernanke before Congress.
ThyssenKrupp AG (TKA) climbed 2.4 percent. Commerzbank AG (CBK) dropped 2.3 percent for the worst performance on the benchmark DAX (DAX) Index. Wacker Chemie AG (WCH), a maker of polysilicon, slipped 1.3 percent.
The DAX Index added 0.3 percent to 8,221.83 at 10:04 a.m. in Frankfurt. The measure slumped 9.8 percent since May 22 through June 24 after Bernanke signaled the Fed may pare bond purchases this year if the economy strengthens in line with forecasts. The DAX has rebounded 6.9 percent since then as central banks pledged to continue supporting economic recovery. The broader HDAX Index rose 0.2 percent today.
Bernanke begins his two-day semi-annual report on monetary policy to Congress today. His prepared testimony to the House Financial Services Committee will be released at 8:30 a.m. in Washington and the hearing will begin 90 minutes later.
A Commerce Department report at 8:30 a.m. in Washington may show U.S. housing starts increased at a 960,000 annual pace in June, according to the median estimate of economists surveyed by Bloomberg. They rose at a 914,000 rate in May.
The volume of shares changing hands in companies listed on the DAX was 43 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
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