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DAX Gives Up Initial Gains Ahead Of ECB Decision
(RTTNews) - German stocks fell in choppy trade on Thursday as investors awaited the ECB rate decision and a speech by U.S. Federal Reserve Chair Jerome Powell.
The ECB rate-decision is due later in the day, with the central bank widely expected to raise rates by 75 basis points to fight runway inflation.
Powell will participate in a discussion at a Cato Institute conference, where the rhetoric on rate hikes is expected to remain hawkish overall.
The benchmark DAX was down 13 points, or 0.1 percent, at 12,902, giving up earlier gains.
Banks topped the gainers list, with Commerzbank rising 1.6 percent and Deutsche Bank climbing 2.2 percent.
Automakers BMW and Volkswagen were down about 1 percent each after the Chinese megacity of Chengdu extended a lockdown for a majority of its more than 21 million residents.
The euro held above a two-decade low before the ECB decision.
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