DAX Drifting Lower On Weak Global Cues
(RTTNews) - German stocks are down in negative territory Monday morning, amid weakness in markets in Europe, due to rising bond yields and fading hopes of a Fed rate cut this month.
Trade war fears, lingering concerns about economic slowdown in the Eurozone and political crisis in some major European countries are also weighing on sentiment.
The benchmark DAX is down 139.34 points or 0.69% at 20,082.00.
Infineon is down 2.65% and Rheinmetall is down 2.5%. MTU Aero Engines, Munich RE, Adidas, Siemens, SAP, Hannover Rueck, Allianz, HeidelbergCement, Deutsche Bank and Zalando are down 1 to 2%.
Allianz, Merck, Siemens Energy, Siemens Healthineers, Vonovia, Deutsche Post, Henkel and Daimler Truck Holding are moderately lower.
Among the gainers, RWE is gaining 2.1%, while E.On is rising and Mercedes Benz are advancing 1.7% and 1.5%, respectively. Deutsche Telekom, Volkswagen, Bayer and Porsche are gaining 0.8 to 1.1%. Commerzbank and Symrise are up with modest gains.
The yield on the German 10-year Bund climbed past 2.6% today, rising for a tenth straight session, amid bets interest rates in several countries will stay higher for longer than previously expected.
Midcap stocks Hugo Boss, Kion Group, Evotec and TUI are down 1.6 to 3.2%. TeamViewer, Nordex and HelloFresh are trading higher.
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