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DAX Dips As Inflation Hurts
(RTTNews) - The German stock market benchmark DAX dropped further amidst renewed concerns over inflation and economic growth. The annual producer price inflation remaining at the 45.8 percent peak seen in August as well as disappointments in corporate earnings updates dragged down the benchmark index.
The surging bond yields also dampened the sentiment amidst the ten-year bond yields touching 2.44 percent, the highest since August 2011.
The forty-scrip DAX index is currently trading at 12,644.00, down 0.76 percent on an overnight basis. The day's trading has been within the range of 12,628.42 and 12,698.81.
Only 6 scrips in the 40-scrip index are trading above the levels on Wednesday.
Sartorius, which provides bioprocess solutions and lab products is the top gainer with a 2.2 percent uptick. Medical devices business Siemens Healthineers added 1.6 percent.
Siemens Energy is down 3.9 percent. Deutsche Borse declined close to 3 percent. Adidas has lost 2.5 percent. and Infineon Technologies have also declined more than 2 percent.
Auto manufacturer Volkswagen which declined 0.03 percent is the most active scrip with a turnover of 0.3 million euros.
The pan-European STOXX 600 is currently trading at 395.54, down 0.55 percent on an overnight basis.
The EUR/USD pair is at 0.9775, edging up 0.04 percent overnight amidst the US Dollar Index weakening 0.07 percent to 112.90.
The ten-year bond yield has increased 1.82 percent to 2.41 percent, versus 2.37 percent on Wednesday.
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