DAX Tumbles On Rate Worries
(RTTNews) - German stocks traded sharply lower on Friday as investors reacted to hawkish comments from Federal Reserve officials and escalating tensions in the Middle East. Meanwhile, Germany's factory orders expanded in February after declining sharply at the start of the year, signaling that the recession is likely to be relatively mild.
Factory orders posted a monthly growth of 0.2 percent in February, in contrast to the revised 11.4 percent decline in January, data from Destatis showed.
However, the rebound was weaker than economists' forecast of 0.8 percent growth. Year-on-year, industrial orders plunged 10.6 percent after falling 6.2 percent in January.
Separate data revealed that German import prices dropped 4.9 percent year-over-year in February. Export prices declined 1.1 percent in February from the previous year.
The benchmark DAX fell 265 points, or 1.4 percent, to 18,138 after rising 0.2 percent the previous day.
Travel and leisure stocks fell, with TUI AG losing 2.3 percent as Brent crude futures climbed past $91 a barrel mark on supply disruption risks amid heightened tensions in the Middle East.
Delivery Hero tumbled 3.6 percent after reports that activist investor Sachem Head has built a 3.6 percent stake in the online food takeaway company and seeking a seat on the supervisory board.
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