- Title: Germany's DAX wavers after Trump's TPP exit
- Date: 24th January 2017
- Summary: FRANKFURT, GERMANY (JANUARY 24, 2017) (REUTERS) TRADING FLOOR VARIOUS OF TRADERS DAX GRAPH ON BOARD TRADERS CHATTING DAX OPENING NUMBER TRADER VARIOUS OF BANK SHARES ON BOARD TRADERS GERMAN STOCK INDEXES ON BOARD (SOUNDBITE) (German) HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "The DAX seems to be pleased that the Trans-Pacific Partnership was cancelled by (U.S. President Donald) Trump. That is nothing to knock. You can say this will set a standard that could negatively affect Europe. It's believed that for Europe, especially in the export industry, the trade policy field is wide open again. But one thing you have to say quite clearly is that cancelling a trade agreement with Asia could have very different plans in mind for Europe." VARIOUS OF TRADERS DAX LOW (SOUNDBITE) (German) HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "It is worth mentioning that Mr. Trump has terminated a trade agreement with Asia, which should be the future, the economic future, the Trans-Pacific region. This does not make things easier on Europe, if everything must be renegotiated. Renegotiations means we need many years. Mr. Trump wants bilateral agreements with Europe, not with Europe together. That would be discussed for many years." VARIOUS OF TRADERS CHANGE PERCENTAGES (SOUNDBITE) (German) HEAD OF CAPITAL MARKETS ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "It is not so easy to find an alternative to America. America is nothing to turn your nose at. The Chinese would pay if Europe signed more trade agreements with China. That is very clear. For example the price, the Chinese could buy more here from the German 'Mittelstand'. And no one could be located in Europe and Germany." VARIOUS OF TRADERS TOTAL OF BOARD TRADING FLOOR
- Embargoed: 7th February 2017 11:45
- Keywords: DAX stock exchange Germany investor
- Location: FRANKFURT, GERMANY
- City: FRANKFURT, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA00160FWN7X
- Aspect Ratio: 16:9
- Story Text: Germany's DAX index inched upwards on Tuesday (January 24), after U.S. President Donald Trump kept a campaign promise to abandon the Trans Pacific Partnership (TPP) and killed the accord on Monday (January 23).
U.S. President Donald Trump's focus on protectionism ahead of fiscal stimulus fuelled suspicions his administration might be content to gain a competitive advantage through a weaker currency. Such uncertainty and talk of trade war brought the DAX traded down 0.38 percent on Monday, but Germany's blue-chip exchange steadied on Tuesday as investors began to chatter about opportunities for new cooperation with Asia.
"It's believed that for Europe's export industry, the field is wide open again," head of capital markets analysis at Baader Bank, Robert Halver, said from the trading floor.
"The Chinese would pay if Europe signed more trade agreements with China. That is very clear. For example the price, the Chinese could buy more here from the German 'Mittelstand'. And then Germany and Europe would be situated where no one could hurt them," he added.
German Economy Minister Sigmar Gabriel echoed to an energy industry gathering on Tuesday that German companies would be wise to take advantage of new opportunities and look for new partners.
"When one door closes, and he's closing doors, another opens somewhere else. I am sure about this," he said.
The DAX was trading at around 11,567.52 at 1245 GMT. - Copyright Holder: REUTERS
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