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Hawkish Rhetoric Drags Down DAX
(RTTNews) - The German stock market benchmark DAX dropped more than a percent amidst an unexpected hawkish stance in the Fed's monetary policy guidance. Anxiety ahead of the ECB's interest rate review also dampened sentiment.
The forty-scrip DAX index is currently trading at 14,293.05, down 1.2 percent on an overnight basis. The day's trading has been within the range of 14,261.55 and 14,361.05.
Except for Heidelberg Cement, all the scrips in the 40-scrip index are trading in an overnight negative territory.
Zalando, Siemens Energy, Deutsche Post, adidas and Puma, have all dropped more than 3 percent.
The EUR/USD pair is at 1.0620, shedding 0.58 percent overnight whilst the US Dollar Index gained 0.48 percent to 104.26.
Ahead of the ECB review, the ten-year bond yield has decreased 0.70 percent to 1.9185%, versus 1.9320% at the previous close. The pan-European STOXX 600 is currently trading at 437.30, down 1.2 percent on an overnight basis.
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