DAX Modestly Higher; Infineon, Siemens Energy Among Top Gainers

(RTTNews) - German stocks are modestly higher on Wednesday with investors digesting the latest economic data from the region and news from the geopolitical front, in addition to awaiting Nvidia's earnings update. The benchmark DAX was up 91.19 points or 0.37% at 24,519.36 a few minutes past noon. Infineon Technologies climbed 3%. Siemens Energy moved up 2.5%, while Siemens, Rheinmetall, Deutsche Bank, Vonovia and Merck gained 1%-1.7%. SAP drifted down 1.7% and Scout24 eased by about 1.5%. Symrise, Volkswagen, Mercedes-Benz, Qiagen and GEA Group lost 0.8%-1.1%. On the trade front, the European Union has reached a provisional agreement to remove import duties on U.S. goods, keeping the bloc on track to meet Trump's July 4 deadline and avoid higher tariffs on European goods. Data from Destatis showed Germany's producer prices increased at the strongest pace in nearly three years in April, rising by 1.7% year-on-year, reversing a 0.2% fall in March. The annual increase also surpassed economists' forecast of 1.5%. On a monthly basis, producer prices grew 1.2% in April but weaker than forecast of 2%. Final data from Eurostat showed Eurozone inflation accelerated in April, as initially estimated, driven by higher energy prices. The harmonized index of consumer prices posted an annual increase of 3% in April, up from 2.6% in March. The rate matched the estimate published on April 30. Meanwhile, core inflation that excludes prices of energy, food, alcohol and tobacco, softened to 2.2% in April, as estimated, from 2.3% in the previous month. Among main components of HICP, energy registered the biggest annual growth of 10.8%. This was followed by the 3% rise in services costs. Food, alcohol and tobacco prices rose 2.4% and non-energy industrial goods prices gained 0.8%. On a monthly basis, the HICP climbed 1.0% in April, in line with flash estimate. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.