DAX Declines In Cautious Trade

RTTNews | Pred 787 dňami
DAX Declines In Cautious Trade

(RTTNews) - German stocks declined on Tuesday due to lack of directional cues from Wall Street.

Closer home, preliminary data from Destatis showed earlier today that Germany's producer price inflation eased for the eighth straight month in May to reach its lowest level in more than two years amid a fall in energy prices.

The producer price index climbed 1.0 percent year-over-year in May, slower than the 4.1 percent rise in April. Economists had forecast price growth to ease to 1.7 percent.

Further, the latest inflation rate was the weakest since January 2021, when prices had risen 0.9 percent.

On a monthly basis, the producer price index decreased at a stable rate of 0.3 percent in May, marking its fourth straight fall in a row.

The benchmark DAX was down 0.7 percent at 16,087 after declining 1 percent in the previous session.

In corporate news, specialty chemicals company Lanxess plunged 17 percent after cutting its second-quarter and full-year 2023 adjusted EBITDA guidance, citing weak demand.

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European Stocks Close Mixed After Cautious Session

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The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August. The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.
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The Labor Department released a report on Friday showing import prices in the U.S. increased by more than expected in the month of July. The report said import prices climbed by 0.4 percent in July after a downwardly revised 0.1 percent dip in June. Economists had expected import prices to inch up by 0.1 percent, matching the 0.1 percent uptick originally reported for the previous month.
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U.S. Retail Sales Climb 0.5% In July, In Line With Estimates

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A report released by the Commerce Department on Friday showed retail sales in the U.S. increased in line with economist estimates in the month of July. The Commerce Department said retail sales climbed by 0.5 percent in July after jumping by an upwardly revised 0.9 percent in June.
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