FX.co ★ DAX Gains With Focus On ECB Meeting

German stocks saw an uptick on Wednesday, bolstered by anticipation of U.S. consumer price inflation data set for release later in the day, as well as an impending European Central Bank (ECB) policy meeting on Thursday.

Market expectations are leaning towards the ECB implementing a 25 basis point cut to its deposit rate on September 12, with another cut anticipated in December.

The benchmark DAX index climbed 57 points, or 0.3%, reaching 18,323. This followed a 1% decline in the previous trading session.

Shares of Commerzbank surged by 16% following news that Italian banking giant UniCredit had acquired a 9% stake in the German bank, with intentions to seek approval for potentially increasing its shareholding.

Despite issuing a downgraded outlook for 2024, automaker BMW experienced a modest increase of approximately 1%.

Encavis AG, a company specializing in electricity generation from renewable sources, saw a slight decline in its share value after announcing the acquisition of a ready-to-build wind farm in Dannhausen, which has the potential to generate 18 megawatts of power.