FRANKFURT (dpa-AFX) – The DAX initially continued its recovery from the previous day on Thursday. Investors continued to snap up shares ahead of the closely watched monthly US labor market report.
In the first hour of trading, the German benchmark index rose by 0.40 percent to 23,884.44 points. The MDAX, the index for medium-sized companies, rose by 0.33 percent to 30,395.18 points. The Eurozone benchmark index EuroStoxx 50 gained 0.3 percent.
In mid-week, the DAX had only reacted negatively for a short time to the news that the US private sector had cut jobs in June for the first time in over two years. Economists had expected job growth. However, investors quickly reinterpreted the news according to the motto “bad news is good news” and fueled speculation about interest rate cuts, commented market expert Stephen Innes of SPI Asset Management.
The major US stock indices also quickly recovered from their slump…
