DAX Slips On Recession Worries
(RTTNews) - German stocks fell on Tuesday amid worries over economic downturn after top U.S. retailer Walmart cut its Q2 and full 2023-year guidance, citing a slowdown in consumer spending due to inflation fears.
Growing energy crisis also remained on investors' radar after Russian state-owned energy company Gazprom said it will further cut gas flows through Nord Stream 1, Russia's biggest gas pipeline to Europe.
The benchmark DAX dropped 46 points, or 0.4 percent, to 13,164 after losing 0.3 percent in the previous session.
Construction equipment manufacturer Wacker Neuson declined 1.3 percent. The company said it expects group revenue for the second-quarter 2022 to be about 548.1 million euros compared to 494.3 million euros in the prior year.
Stratec slumped 13 percent. The company, which develops and produces analyzer systems and automation systems in the field of in-vitro-diagnostics, expects consolidated sales to be 137.2 million euros for the first half of 2022 compared to 155.8 million euros last year.
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