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DAX Slightly Lower After Recent Gains
(RTTNews) - German stocks were a tad lower on Friday after recent string of gains on easing worries about inflation and interest-rate hikes.
Meanwhile, Germany's wholesale prices posted the biggest fall in three years in June, data from Destatis showed earlier today.
Wholesale prices decreased 2.9 percent on a yearly basis in June, bigger than the 2.6 percent fall in May. The rate came in line with expectations. The annual fall was the biggest since June 2020.
Month-on-month, wholesale prices dropped 0.2 percent after easing 1.1 percent in May. Prices were forecast to ease more markedly by 1.2 percent.
The benchmark DAX was down 24 points, or 0.2 percent, at 16,117 after gaining 0.7 percent in the previous session.
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Australia Cuts Key Interest Rate For Second Time This Year
Australia's central bank lowered its benchmark rate by a quarter-point for the second time this year as risks to inflation became more balanced, while uncertainties regarding economic outlook increased due to trade protectionism measures. The policy board of the Reserve Bank of Australia, governed by Michele Bullock, decided to cut the cash rate target to 3.85 percent from 4.10 percent.
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China Cuts Loan Prime Rates For First Time In 7 Months
The People's Bank of China reduced its benchmark interest rate for the first time in seven months to stimulate consumption and support the property market amid soothing trade tensions. The central bank lowered its one-year loan prime rate by 10 basis points to 3.0 percent from 3.10 percent.
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Australian Dollar Falls Against Majors
The Australian dollar weakened against other major currencies in the Asian session on Tuesday.
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European Shares Likely To Open On Firm Note
European stocks may open on a positive note Tuesday as trade tensions continue to ease, and China's central bank cut interest rates to record lows to stimulate the world's second-largest economy challenged by weak consumer demand and a property crisis.
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R&M Refresher Instant Milk Tea Powder Recalled
Lakewood, Washington-based R&M Trading LLC is recalling R&M Refresher brand Instant Milk Tea powder products of various flavors as they may contain undeclared milk, a known allergen, the U.S. Food and Drug Administration said. The Instant Milk Tea products are recalled because the ingredients statement declares Whey and Caseinate in Non-Dairy Creamer ingredients, but it does not specify milk.
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Chinese Yuan Falls To 8-day Low Against U.S. Dollar
The Chinese yuan weakened against the U.S. dollar in the Asian session on Tuesday.
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Sensex, Nifty Struggle For Direction In Early Trade
Indian shares struggled for direction on Tuesday despite firm cues from global markets.
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Australian Market Halves Early Gains In Mid-market
The Australian stock market is halving its early gains in mid-market trading on Tuesday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,300 level, with gains in technology and financial stocks partially offset a mixed performance in mining and energy stocks.
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