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DAX Struggles For Direction After Inflation Data
(RTTNews) - German stocks were little changed in lackluster trade on Thursday after data showed German consumer price inflation hit a new record in September, as initially estimated, on rising energy and food prices.
Consumer price inflation accelerated to 10.0 percent in September from 7.9 percent in August, final data from Destatis showed - matching the flash estimate.
EU harmonized inflation rose sharply to 10.9 percent, in line with estimate, from 8.8 percent in the previous month.
The benchmark DAX was up 12 points, or 0.1 percent, at 12,184 after closing 0.4 percent lower the previous day.
Tech stocks fell again, with Infineon losing nearly 2 percent, after chip-making technology supplier Applied Materials Inc cut its profit estimates, saying U.S. export restrictions to China would result in a $250 million-$550 million loss in net sales in the quarter ending Oct. 30.
Sugar producer Suedzucker tumbled 3.4 percent despite posting a sharp rise in quarterly earnings and forecasting increased full-year profits.
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