DAX Tumbles On US Rate Hike Worries
(RTTNews) - German stocks tumbled on Friday as strong U.S. data and hawkish comments from Fed officials prompted a rise in U.S. Treasury yields.
Investors ignored data showing that Germany's producer price inflation eased for the fourth straight month in January to reach its lowest level in nearly one-and-a-half years amid a continued slowdown in energy prices.
The producer price index climbed 17.8 percent year-over-year in January, which was slower than the 21.2 percent surge in December. Economists had forecast the price growth to ease to 16.4 percent.
On a monthly basis, producer prices decreased 1.0 percent in January, following a 0.4 percent fall in December.
The benchmark DAX was down 202 points, or 1.3 percent, at 15,332 after rising 0.2 percent in the previous session.
Copper producer Aurubis AG slipped half a percent despite announcing a record dividend.
Mercedes-Benz Group jumped more than 2 percent after the carmaker delivered strong full-year results and said it intends to repurchase up to 4 billion euros of shares over the next two years.
Energy major Uniper SE gained 0.6 percent despite reporting a wider loss for its fiscal 2022.
Allianz SE lost 3.2 percent after fourth-quarter profits fell at its nonlife and asset-management operations.
Steady Start Seen For Hong Kong Stock Market
Japanese Market Notably Higher
China Bourse May Spin Its Wheels On Monday
Australian Market Modestly Higher
Taiwan Stock Market May Remain Stuck In Neutral
Rally May Stall For Singapore Stock Market
Little Movement Expected For Malaysia Stock Market
