DAX Drops As Strong PMI Readings From U.S. Reinforce Rate Hike Bets

RTTNews | 947 days ago
Stocktwits
DAX Drops As Strong PMI Readings From U.S. Reinforce Rate Hike Bets

(RTTNews) - The German stock market benchmark DAX remained muted on Tuesday as investors reacted to the strong service activity readings released from the U.S. on Monday. Renewed Fed fears dampened market sentiment as the higher-than-expected readings reignited fears of a monetary tightening by the Fed.

Meanwhile, data released on Tuesday showed factory orders in Germany increasing 0.8% month-over-month in October, versus a downwardly revised 2.9% drop in September. Markets had priced in a 0.1% rise.

The S&P Global Construction PMI for Germany fell to 41.5 in November from 43.8 in October and for Eurozone to 43.6, from 44.9 in the previous month.

The forty-scrip DAX index is currently trading at 14,423.65, down 0.17 percent on an overnight basis. The day's trading has been within the range of 14,360.65 and 14,474.45.

Only 8 scrips of the 40-scrip index are trading in an overnight positive territory. Puma is the top gainer with a 1 percent uptick. Hannover Ruck also gained close to 1 percent.

Fresenius Medical Care dropped 3.55 percent. Siemens Healthineers and Infineon Technologies have both declined more than 2 percent.

The EUR/USD pair is at 1.0502, edging up 0.10 percent overnight whilst the US Dollar Index hovered near the 105.29 flatline.

The ten-year bond yield has decreased 1.73 percent to 1.8435%, versus 1.876% at the previous close.

The pan-European STOXX 600 is currently trading at 439.92, down 0.35 percent on an overnight basis.

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