FRANKFURT (dpa-AFX) - The Dax is likely to tread water for the time being on Thursday despite the prospect of a reduction in key interest rates in the USA. At just under 18,500 points, the leading Dax index was estimated by the broker IG to be a few points below the previous day's close around two hours before the start of trading. The Dax had previously risen slightly on two consecutive trading days.

"Everything points to interest rate cuts in the near future," wrote foreign exchange expert Michael Pfister from Commerzbank with a view to the US Federal Reserve. As expected, the Fed left key interest rates unchanged the previous evening but, according to Pfister, gave clear indications that a rate cut is likely in September.

However, investors on Wall Street had already priced this in. Major share indices such as the S&P 500 and the Nasdaq 100 had already risen sharply in early trading before the interest rate decision and the Fed's press conference.

Meanwhile, the daily agenda for Thursday is well filled with quarterly and half-yearly reports. Among others, BMW, MTU, DHL Group and Volkswagen from the DAX will be looking at their books./bek/mis