DAX Edges Lower After Inflation Data

(RTTNews) - German stocks traded lower on Tuesday as investors avoided taking big bets ahead of key U.S. inflation data due this week.

Closer home, Germany's consumer price inflation held steady as initially estimated in April, final data from Destatis revealed earlier today.

Consumer price inflation stood at 2.2 percent in April, the same as in March. That was in line with the flash data published on April 29.

The current 2.2 percent inflation rate is the lowest since May 2021.

On the other hand, EU harmonized inflation rose slightly to 2.4 percent from 2.3 percent, as estimated.

On a monthly basis, consumer prices moved up 0.5 percent in April, and the HICP also climbed by 0.6 percent. There was no change in figures compared to the initial estimate.

The benchmark DAX was down 40 points, or 0.2 percent, at 18,702 after declining 0.2 percent in the previous session.

Delivery Hero shares jumped 21 percent after Uber Technologies agreed to acquire the company's foodpanda business in Taiwan for $950 million in cash.

Arms manufacturer Rheinmetall slumped 4.5 percent after missing sales and profit forecasts in the first quarter.

Reinsurer Hannover Re lost more than 3 percent despite posting solid results in the first quarter and confirming its 2024 guidance.