DAX boosted by car makers on talk of tariff deal

Jul 05 11:07 2018 Print This Article

The DAX index has posted strong gains in the Thursday session. Currently, the DAX is at 12,505, up 1.58% on the day. On the release front, German Factory Orders jumped 2.6%, crushing the estimate of 1.1%. Eurozone Retail PMI ticked higher to 51.8 points. Later in the day, the Federal Reserve will release the minutes of the June policy meeting.

The escalating trade war between the U.S and the EU has raised concerns that the eurozone export sector could hit some significant headwinds. President Trump has threatened to impose tariffs of 20 percent on European car imports if the EU does not remove their tariffs on U.S. automobiles. The EU would clearly prefer not to engage in a full-blown tariff war with the United States. European officials are examining the possibility of a tariff-cutting agreement between the world’s largest car exporters. In essence, this would allow the EU and the U.S to reach a deal on automobile tariffs without going through the World Trade Organization. On Thursday, automobile manufacturers are sharply higher on the DAX index. BMW is up 4.97%, Daimler has climbed 4.58% and Volkswagen has jumped 4.79%.

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