DAX Declines In Cautious Trade
(RTTNews) - German stocks declined on Tuesday due to lack of directional cues from Wall Street.
Closer home, preliminary data from Destatis showed earlier today that Germany's producer price inflation eased for the eighth straight month in May to reach its lowest level in more than two years amid a fall in energy prices.
The producer price index climbed 1.0 percent year-over-year in May, slower than the 4.1 percent rise in April. Economists had forecast price growth to ease to 1.7 percent.
Further, the latest inflation rate was the weakest since January 2021, when prices had risen 0.9 percent.
On a monthly basis, the producer price index decreased at a stable rate of 0.3 percent in May, marking its fourth straight fall in a row.
The benchmark DAX was down 0.7 percent at 16,087 after declining 1 percent in the previous session.
In corporate news, specialty chemicals company Lanxess plunged 17 percent after cutting its second-quarter and full-year 2023 adjusted EBITDA guidance, citing weak demand.
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