DAX Declines On Interest-rate Worries
(RTTNews) - German stocks tumbled on Thursday as interest-rate worries and signs of growing China-U.S. tensions overshadowed positive news on the domestic front.
German factory orders rebounded in May driven by the manufacture of motor vehicles, data published by Destatis revealed earlier today.
Factory orders advanced 6.4 percent on a monthly basis in May, following a 0.2 percent rise in April. Orders were expected to grow 1.5 percent after April's initially estimated 0.4 percent drop.
On a yearly basis, factory orders declined at a slower pace of 4.3 percent after a 9.3 percent decrease.
The benchmark DAX was down 164 points, or over 1 percent, at 15,774 after closing 0.6 percent lower the previous day.
Brenntag shares dropped 1 percent. The chemicals and ingredients distribution company said it would unveil the result of a strategic review later this year.
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