DAX Tumbles On Growth Worries; Banks Worst Hit

RTTNews | vor 1046 Tagen
DAX Tumbles On Growth Worries; Banks Worst Hit

(RTTNews) - German stocks fell sharply on Monday and Eurozone bond yields rose as last week's red-hot inflation data stoked expectations of aggressive interest rate hikes by the European Central Bank.

Meanwhile, German manufacturing activity contracted for a third month in a row in September, a survey showed earlier today, adding to worries over a looming recession. S&P Global's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of Germany's economy, dropped to 47.8, marking the lowest level since June 2020 and down from 49.1 in August.

The benchmark DAX fell 160 points, or 1.3 percent, to 11,954 after climbing 1.2 percent on Friday.

Lender Commerzbank lost 4.3 percent and Deutsche Bank plummeted 4.7 percent on concerns about Swiss bank Credit Suisse's liquidity and capital position.

United Internet fell about 1 percent despite the company confirming its FY sales forecast.

RWE AG, an energy firm, rose over 1 percent after it agreed to buy Con Edison's Clean Energy Businesses for an enterprise value of $6.8 billion.

read more
Swiss Market Ends Modestly Higher After Mild Struggle

Swiss Market Ends Modestly Higher After Mild Struggle

The Switzerland market recovered after a flat start on Thursday, and after staying positive till well past noon, suffered a setback but regained some strength to eventually end the day's session modestly higher.
RTTNews | vor 3Std 8 Minuten
Major European Markets Close On Positive Note

Major European Markets Close On Positive Note

Amid expectations of a rate cut from the Federal Reserve in September, and hopes the meeting between the Presidents of the U.S. and Russia will help end the war in Ukraine, the major European markets closed on a positive note on Thursday, although the U.K. market underperformed other major markets in the region.
RTTNews | vor 3Std 23 Minuten
U.S. Producer Price Growth Far Exceeds Estimates In July

U.S. Producer Price Growth Far Exceeds Estimates In July

Producer prices in the U.S. increased by much more than expected in the month of July, the Labor Department revealed in a report released on Thursday. The Labor Department said its producer price index for final demand shot up by 0.9 percent in July after coming in unchanged in June. Economists had expected producer prices to rise by 0.2 percent.
RTTNews | vor 5Std 51 Minuten
U.S. Weekly Jobless Claims Unexpectedly Dip To 224,000

U.S. Weekly Jobless Claims Unexpectedly Dip To 224,000

The Labor Department released a report on Thursday unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 9th. The report said initial jobless claims dipped to 224,000, a decrease of 3,000 from the previous week's revised level of 227,000.
RTTNews | vor 6Std 24 Minuten
UK GDP Rises More Than Expected

UK GDP Rises More Than Expected

The UK economy expanded more than expected in the second quarter but the overall growth softened as US frontloading propelled growth at the start of the year. Gross domestic product expanded 0.3 percent in the second quarter largely driven by growth in the service sector, the Office for National Statistics reported Thursday. Although the rate was stronger than the expected growth of 0.1 pe
RTTNews | vor 7Std 5 Minuten
Bay Street Likely To Open On Mixed Note

Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note Thursday morning, reacting to data showing a bigger than expected increase in U.S. producer price index, and mixed batch of earnings data from Canada. Oil prices are up, while metals are exhibiting weakness.
RTTNews | vor 7Std 36 Minuten
S&P Sees Limited Impact From U.S. Tariffs On Indian Economy, Raises Ratings

S&P Sees Limited Impact From U.S. Tariffs On Indian Economy, Raises Ratings

S&P Global Ratings upgraded India's sovereign ratings on Thursday citing a buoyant economic growth, enhanced monetary policy conditions and the government's fiscal consolidation commitment, while the higher tariffs from the U.S. administration is estimated to have only limited impact on the economy. India's sovereign credit ratings were raised to 'BBB' from 'BBB-', with a 'stable' outlook.
RTTNews | vor 7Std 39 Minuten