DAX Retreats On Growth, Inflation Concerns

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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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NZ Dollar Rises After RBNZ Rate Decision

NZ Dollar Rises After RBNZ Rate Decision

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New Zealand Cuts Interest Rate By 25 Bps As Expected

New Zealand Cuts Interest Rate By 25 Bps As Expected

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NZ Dollar Recovers Against Majors

NZ Dollar Recovers Against Majors

The New Zealand dollar recovered from recent lows against other major currencies in the Asian session on Wednesday.
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Australian Market Trims Early Gains In Mid-market

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The Australian stock market is trimming its early gains in mid-market moves on Wednesday, but extending the gains in the previous three sessions, with the benchmark S&P/ASX 200 staying just above 8,400 level, following the broadly positive cues from Wall Street overnight, with gains in energy and technology stocks and a mixed performance in mining and financial stocks.
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Asian Markets Mixed Amid Cautious Trades

Asian Markets Mixed Amid Cautious Trades

Asian stock markets are trading mixed on Wednesday, following the broadly positive cues from Wall Street overnight, as traders remain cautious amid the lack of concrete progress toward a broader trade agreement between the US and its trading partners, despite reaching temporary deals with some. The ongoing uncertainty surrounding the US-China trade relations continued to weigh on market sentiment.
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