DAX Tumbles With Inflation Worries In Focus
(RTTNews) - German stocks tumbled on Thursday as investor focus shifted to inflation and the possibility of a global recession.
The Swiss National Bank raised its policy interest rate for the first time in 15 years today, joining other central banks in tightening monetary policy to control inflation. Economists are looking for a 25bp hike from the Bank of England (BoE) later today, taking the Bank rate to 1.25 percent.
The benchmark DAX was down 262 points, or 1.9 percent, at 13,223 after climbing 1.4 percent the previous day.
Automakers BMW and Volkswagen fell over 1 percent after industry data showed European passenger car registrations declined for the tenth successive month in May, but at a slower pace.
Passenger car sales fell 11.2 percent year-over-year in May, following a 20.6 percent decrease in April.
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