DAX Drops Amidst Record-high Inflation
(RTTNews) - The German stock market benchmark DAX dropped more than 1 percent amidst heightened anxiety over a likely big hike that the ECB could deliver to combat record-high inflation.
Annual inflation rate in the Euro Area increased to a new record high of 9.1 percent in August, versus 8.9 percent in July, and market expectations of 9 percent.
Also, as expected, the seasonally adjusted unemployment rate in Germany increased to 5.5 percent in August, versus 5.4 percent in July.
The forty-scrip DAX index is currently trading at 12,825.61, down 1.05 percent on an overnight basis. The day's trading has been within the range of 12,815.96 and 13,031.09.
Deutsche Bank and SAP are the top gainers with an uptick of more than 1 percent. Infineon Technologies has gained 0.90 percent.
Airbus is the biggest loser, having declined more than 3 percent. MTU Aero Engines and Porsche Automobil Holding have both declined more than 2 percent.
Allianz is the is the most active scrip with a turnover of 0.7 million euros. The stock has lost more than 1 percent on Wednesday.
The EUR/USD pair is at 0.9982 shedding 0.30 percent overnight amidst the US Dollar Index strengthening 0.32 percent to 109.12.
The ten-year bond yield has increased 4.21 percent to 1.5705 percent versus 1.5070 percent on Tuesday.
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