DAX Little Changed On Rate Worries
(RTTNews) - German stocks were subdued on Wednesday after Fed Chair Jerome Powell warned of bigger rate hikes to fight inflation and sportswear firm Adidas slashed its dividend after swinging to a quarterly operating loss.
The benchmark DAX was marginally lower at 15,559 after losing 0.6 percent in the previous session.
Adidas fell 1.4 percent after posting disappointing 2022 results, reflecting geopolitical, macroeconomic and company-specific challenges.
Likewise, flavor and fragrance maker Symrise tumbled 3.3 percent after forecasting 2023 core profit margin slightly below market expectations.
Continental jumped more than 7 percent after flagging improved earnings and margins in 2023.
In economic releases, Germany's industrial production rebounded in January on strong growth in intermediate goods output, data from Destatis revealed.
Industrial production grew by more-than-expected 3.5 percent on a monthly basis, offsetting the revised 2.4 percent decline in December. Output was forecast to grow 1.4 percent.
Year-on-year, the decline in industrial output halved to 1.6 percent from 3.3 percent in the previous month.
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