DAX Tumbles More Than 1%
(RTTNews) - German stocks are sliding down south on Thursday with investors choosing to take profits at several counters after recent gains. The reform plan and the passage of a bill that paves way for the creation of a massive fund for infrastructure and climate spending had pushed up stock prices earlier in the week.
The Federal Reserve held its rate on Wednesday, and the Swiss National Bank lowered its interest rate earlier today. The focus now is on the Bank of England's monetary policy announcement.
The benchmark DAX was down 267.44 points or 1.15% at 23,034.20 a little while ago.
Commerzbank is down more than 5.5%. Daimler Truck Holding is declining 3.7%. BASF, Siemens Energy, Brenntag, Rheinmetall, BMW and Heidelberg Materials are down 2 to 3%.
RWE is down 2.7% after reporting adjusted net income of 2.32 billion euros or 3.12 euros per share for fiscal year 2024, compared to 4.10 billion euros or 5.51 per share a year ago.
Deutsche Boerse, Mercedes-Benz, Porsche, Infineon, Continental, MTU Aero Engines, Volkswagen, Bayer, Adidas, Munich RE and Deutsche Post are down 1 to 2%.
Data from Destatis showed producer prices in Germany increased by 0.7% year-on-year in February, accelerating from January's 0.5% but falling short of the market consensus of 1%. Still, it marked the fourth consecutive month of producer inflation.
On a monthly basis, the PPI unexpectedly fell by 0.2%, marking the third straight month of decline, following a 0.1% drop in January and missing consensus expectations of a 0.1% rise.
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