DAX Down Sharply Despite Coming Off Early Lows

RTTNews | hace 70
DAX Down Sharply Despite Coming Off Early Lows

(RTTNews) - German stocks are down sharply Thursday morning due to heavy selling almost across the board as investors react to the U.S. government's announcement of "reciprocal tariffs."

U.S. President Donald Trump announced a 10% baseline on all US imports and a 20% rate for goods from the European Union, with a steeper 25% tariff on imported cars set to take effect immediately.

The much steeper-than-expected tariffs on US trade partners, has heightened concerns over a global trade war that could destabilize major economies.

President of the European Commission, Ursula von der Leyen posted on X that the universal tariffs announced by the U.S. are a major blow to businesses and consumers worldwide. "Europe is prepared to respond. We'll always protect our interests and values. We're also ready to engage," she wrote.

Some Asian countries such as China, Japan and South Korea have reportedly agreed to jointly respond to the U.S. tariffs.

The benchmark DAX, which plunged nearly 570 points to a more than 2-month low of 21,805.77 in early trades, was down 300.39 points or 1.34% at 22,074.71 a little while ago.

Adidas, the biggest loser in the index, is down nearly 10%, as fashion and sportswear industries are likely to be severely hit by steep tariffs.

Commerzbank is declining 5.7% and Deutsche Bank is down 4.3%. Deutsche Post is lower by about 4.1%.

Siemens, Siemens Healthineers, MTU Aero Engines, Infineon Technologies, BASF, Heidelberg Materials and SAP are down 2.3 to 4%.

Porsche Automobil Holding, Continental, Symrise and Allianz are also notably lower.

Vonovia is up nearly 4%. E.ON, Beiersdorf, Fresenius Medical Care, Qiagen, Henkel and Rheinmetall are gaining 1.3 to 2%.

Hannover Rueck, Deutsche Telekom, BMW, Deutsche Boerse, RWE and Bayer are up with moderate gains.

Data from S&P Global said the HCOB Germany Composite PMI for March was revised higher to 51.3 from a preliminary of 50.9 and compared to 50.4 in February. The reading marked the strongest expansion in the private sector in ten months.

The manufacturing PMI came in with a score of 48.3, compared to 46.5 in February, while the service sector PMI moderated slightly to 50.9 in March from 51.1 a month earlier.

read more
Win Streak May Continue For South Korea Stock Market

Win Streak May Continue For South Korea Stock Market

The South Korea stock market has finished higher in seven straight sessions, collecting more than 225 points or 8.2 percent along the way. The KOSPI now rests just above the 2,920-point plateau and it's tipped to open in the green again on Friday.
RTTNews | hace 17 minutos
New Zealand Manufacturing PMI Data Due On Friday

New Zealand Manufacturing PMI Data Due On Friday

New Zealand will on Friday release May results for the manufacturing PMI from BusinessNZ, highlighting a light day for Asia-Pacific economic activity. In April, the PMI score was 53.9.
RTTNews | hace 1h 12min
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | hace 1h 35min
Rebound Anticipated For Japan Stock Market

Rebound Anticipated For Japan Stock Market

The Japan stock market on Thursday ended the four-day winning streak in which it had climbed more than 860 points or 2.5 percent. The Nikkei 225 now sits just beneath the 38,175-point plateau although it may bounce higher again on Friday.
RTTNews | hace 1h 35min
U.S. Dollar Weakens After Soft PPI Data

U.S. Dollar Weakens After Soft PPI Data

The U.S. dollar dropped against its major counterparts in the New York session on Thursday, as soft producer inflation data for May raised hopes of a rate cut by the Federal Reserve.
RTTNews | hace 4h 51min
Canadian Market Up Slightly In Cautious Trade

Canadian Market Up Slightly In Cautious Trade

After a flat start and a subsequent drop, the Canadian market moved into positive territory Thursday morning, led by gains in materials and communications sectors. The mood remains cautious amid uncertainty about U.S.-China trade deal and easing prospects of he European Union arriving at a pact with the U.S. before the July 8 deadline. Middle East tensions also weigh on sentiment.
RTTNews | hace 6h 35min
U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

U.S. Producer Prices Inch Up 0.1% In May, Less Than Expected

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.
RTTNews | hace 9h 22min
U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

U.S. Weekly Jobless Claims Unexpectedly Unchanged At Eight-Month High

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in flat in the week ended June 7th. The report said initial jobless claims in at 248,000, unchanged from the previous week's revised level. Economists had expected jobless claims to dip to 240,000 from the 247,000 originally reported for the previous week.
RTTNews | hace 9h 25min