FRANKFURT (dpa-AFX) - The DAX opened just below its record high on Thursday. Investors are waiting on the sidelines ahead of the interest rate decision by the European Central Bank (ECB) and the subsequent press conference. After an annual gain of 22 percent in the leading German index, they are sitting on a generous cushion that needs to be defended.

In early trading, the Dax rose by 0.22% to 20,442.61 points. It had reached its most recent record high at the start of the week less than 20 points higher. The MDax barely budged, rising 0.10 percent to 26,956.64 points. The Eurozone's leading index, the EuroStoxx 50, rose by 0.26% to 4,972.21 points. Its annual gain currently stands at ten percent.

Most economists expect the ECB to cut interest rates slightly by 0.25 percentage points after the central bank initiated the turnaround in June. As no surprises are expected, the focus will be on the interest rate outlook and the updated growth and inflation forecasts, according to portfolio manager Thomas Altmann from QC Partners.

It is currently priced into the stock markets that the ECB will also use the upcoming interest rate meetings to cut rates by 0.25 percentage points each, he added, and expects ECB President Christine Lagarde to remain vague. "She is likely to once again emphasize the data dependency of future interest rate decisions and this is precisely where the ECB's new forecasts could provide deeper insights."/ck/men