DAX Slumps Amid Energy Woes; Utilities Drag

RTTNews | 1038 days ago
Stocktwits
DAX Slumps Amid Energy Woes; Utilities Drag

(RTTNews) - German stocks plummeted on Monday as Russia extended a halt on gas flows on a major pipeline to Europe, sparking further fears of energy rationing in the region as winter approaches.

Investors were also reacting to data showing that Germany's services sector activity contracted for a second month running in August due to record inflation and wavering confidence.

The upcoming ECB meeting remained in focus, where a landmark decision is expected.

The benchmark DAX was down 378 points, or 2.9 percent, at 12,672 after climbing 3.3 percent in the previous session.

Volkswagen fell 2.6 percent. The automaker said that its management and supervisory boards will meet on 5 September 2022 to discuss whether a potential initial public offering of sports car brand Porsche should go ahead in late September or early October 2022.

Utilities plunged, with Uniper tumbling 11 percent, RWE losing 2.6 percent and E. ON declining 2 percent.

Stocktwits
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U.S. Wholesale Inventories Dip In Line With Estimates In May

U.S. Wholesale Inventories Dip In Line With Estimates In May

A report released by the Commerce Department on Wednesday showed a modest decrease by wholesale inventories in the U.S. in the month of May. The Commerce Department said wholesale inventories fell by 0.3 percent in May after inching up by 0.1 percent in April. The pullback by inventories matched economist expectations as well as the flash estimate.
RTTNews | 1h 13min ago
Bay Street May Open On Positive Note

Bay Street May Open On Positive Note

Slightly higher Canadian and U.S. futures point to a marginally positive start for Canadian shares on Wednesday. The focus will be on trade deal negotiations.
RTTNews | 2h 34min ago
Yen Falls As Traders Speculate BoJ Rate Hike Pause

Yen Falls As Traders Speculate BoJ Rate Hike Pause

The Japanese yen weakened against other major currencies in the late Asian session on Wednesday, as traders reduced their bets on an immediate interest rate hike by the Bank of Japan (BoJ) due to worries about the possible economic effects of US President Donald Trump's trade tariffs.
RTTNews | 3h 29min ago
Malaysia Central Bank Cuts Policy Rate For First Time Since 2020

Malaysia Central Bank Cuts Policy Rate For First Time Since 2020

Malaysia's central bank lowered its key interest rate for the first time in five years on Wednesday to underpin economic growth amid the ongoing trade tariff uncertainty. The Monetary Policy Committee of Bank Negara Malaysia decided to reduce the Overnight Policy Rate by 25 basis points to 2.75 percent. The ceiling and floor rates of the corridor of the OPR were correspondingly reduced.
RTTNews | 3h 30min ago
FTSE 100 Modestly Higher

FTSE 100 Modestly Higher

The UK market remains firmly placed in positive territory a little past noon on Wednesday, holding gains after a steady start, amid rising optimism about the European Union striking a deal with the U.S. in the coming weeks.
RTTNews | 3h 47min ago
CAC 40 Up 1.25% On Trade Deal Optimism

CAC 40 Up 1.25% On Trade Deal Optimism

French stocks are up in positive territory on Wednesday, extending gains to a third straight session, amid optimism about U.S. and the European Union striking a deal sometime soon, despite U.S. President Donald Trump's threat that steep tariffs will be imposed on copper imports, and pharmaceuticals.
RTTNews | 4h 12min ago
DAX Rises Sharply On US-EU Trade Deal Hopes

DAX Rises Sharply On US-EU Trade Deal Hopes

German stocks climbed up on Wednesday, lifting the benchmark DAX to a one-month high, as expectations of a US-European Union deal helped underpin sentiment.
RTTNews | 4h 26min ago
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