DAX Slips On Recession Worries

(RTTNews) - German shares fell sharply on Wednesday as dire U.S. consumer confidence data released overnight stoked concerns about the economic and earnings outlook.

Investors await a preliminary reading on German inflation as well as Eurozone's consumer confidence data later in the day for further direction.

Traders also eye remarks from Bank of England governor Andrew Bailey and Fed Chair Jerome Powell for clues on policy outlook.

The benchmark DAX fell 168 points, or 1.3 percent, to 13,063 after rising 0.4 percent the previous day.

Banks led losses, with Commerzbank and Deutsche Bank losing 2-3 percent.

Automakers BMW and Volkswagen also dropped 2-3 percent.

Hornbach Baumarkt, a DIY-store chain, tumbled 3.2 percent after reporting a decline in earnings for the first quarter.