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DAX Slips On Inflation Worries
(RTTNews) - German stocks drifted lower on Wednesday as investors braced for key U.S. inflation data, due later in the day that could provide clues on whether policymakers will keep rates higher for longer. Rising crude prices also fuelled inflation worries. International crude prices traded around 10-month highs today on concerns over Libya output and OPEC cuts. The benchmark DAX was down 94 points, or 0.6 percent, at 15,621 after losing half a percent in the previous session. Automakers were broadly higher, with BMW and Volkswagen both rising about half a percent, after the EU announced an investigation into Chinese subsidies for electric vehicles. European Commission President Ursula von der Leyen said Europe was "open to competition but not for a race to the bottom."
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