German stocks experienced gains on Friday, following the European Central Bank's (ECB) decision to reduce its three key interest rates by 25 basis points—the fourth such decrease this year. The ECB also indicated its expectation that inflation would return to the target sooner than anticipated.
In economic developments, data from Destatis, the Federal Statistical Office of Germany, showed a continued decline in wholesale prices for November, albeit at a slower rate. Specifically, wholesale prices fell by 0.6 percent year-on-year, which is an improvement from the previous 0.8 percent drop recorded in October. This trend of decreasing wholesale prices has been consistent since May 2023, with the dip in November being the mildest seen in four months.
On a month-to-month comparison, wholesale prices remained stable in November, following a 0.4 percent increase in October.
The benchmark DAX index climbed by 82 points, or 0.4 percent, reaching 20,508, building on a 0.1 percent gain from the prior trading session.
In corporate sector news, shares of Munich Re surged nearly 5 percent. The reinsurer announced an ambitious profit target of €6 billion by the year 2025, with projections of group insurance revenue reaching €64 billion.
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