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DAX Tumbles On Inflation Worries
(RTTNews) - German stocks tumbled on Wednesday as inflation concerns returned to the fore ahead of Federal Reserve Chair Jerome Powell's testimony to Congress later in the day.
"With inflation rising sharply, there has been good reason to expedite the normalization of monetary policy," ECB Governing Council member Olli Rehn said on Tuesday.
"The impacts of Russia's brutal war are being felt around the world, and people are having to pay higher prices for energy and food," he said.
The benchmark DAX fell 282 points, or 2.1 percent, to 13,010 after rising 0.2 percent the previous day.
Automakers succumbed to selling pressure, with BMW and Volkswagen falling around 3 percent each.
BASF plunged 5.2 percent. The chemical group's CEO said the company's business will likely face a considerable downturn early in the second half of the year.
Hugo Boss edged down slightly despite Frasers Group raising its stake in the German fashion brand.
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