DAX Drifts Lower As Middle East Tensions Escalate
(RTTNews) - German stocks edged lower on Friday as stronger-than-expected U.S. inflation data revived bets for one more U.S. rate hike this year. Also, China's consumer prices faltered in September and factory-gate prices shrank slightly faster than expected - fanning concerns about persistent deflationary pressures in the world's second-largest economy.
Escalating tensions in the Middle East also weighed on sentiment. Ahead of an expected ground invasion against the ruling Hamas militant group, Israel's military told some 1 million Palestinians living in Gaza to evacuate the north, according to the United Nations.
The benchmark DAX was down 56 points, or 0.4 percent, at 15,369 after declining 0.2 percent in the previous session.
Insurer Allianz dropped half a percent after reports that its equity growth team is losing 5 of its 12 members.
Sartorius, a pharmaceutical and laboratory equipment supplier, plunged almost 13 percent after reporting a decline in sales for the first nine months of 2023 and cutting its FY23 outlook.
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