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DAX Retreats On Growth, Inflation Concerns
(RTTNews) - German stocks fell sharply on Thursday amid worries that aggressive rate hikes by the Federal Reserve and other central banks in Europe and Asia will dent economic growth.
Germany's manufacturing sector contracted for a second month in a row in August, a survey showed earlier today, while retail sales rose unexpectedly in July as a result of a COVID-free summer tourism season.
Germany's central bank head said Wednesday that "inflation rates will not come back to their target by themselves" and the European Central Bank should act "decisively" to preserve the credibility of its inflation target.
The benchmark DAX was down 183 points, or 1.4 percent, at 12,651 after declining 1 percent in the previous session.
Flag carrier Deutsche Lufthansa fell nearly 3 percent after a pilots' trade union decided on a day-long strike for Friday, September 2, following a warning strike by ground staff in July,
Tech stocks were losing ground, with Infineon down 2.5 percent.
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