DAX Slids More Than 0.5% In Cautious Trade Ahead Of Fed Rate Decision
(RTTNews) - Germany's stock index DAX opened weak Wednesday morning and lost further ground subsequently with investors making cautious moves, looking ahead to the Federal Reserve's monetary policy announcement and the Fed Chair Jerome Powell's remarks after the meeting.
Investors also reacted to recent comments from European Central Bank officials' remarks that the bank will take a pragmatic, wait-and-see approach with regard to its policy stance.
The Fed is widely expected to lower interest rate by 25 basis points. The central bank's statement is eyed for clues about future stance with regard to monetary easing.
The DAX was down 122.32 points or 0.51% at 24,049.97 about half an hour before noon.
Rheinmetall slipped 3.3%. Siemens Healthineers drifted down 2.1% and Deutsche Boerse lost 1.6%.
Heidelberg Materials, SAP, Siemens, Zalando, Munich RE, RWE, Symrise and Deutsche Bank dropped by 0.6 to 1.1%.
Siemens Energy climbed 4.75%, buoyed by an optimistic revenue forecast from its US counterpart, GE Vernova.
Beiersdorf, Henkel, Fresenius, Fresenius Medical Care, E.ON and Deutsche Post posted modest gains.
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