DAX Tumbles On US Rate Hike Worries
(RTTNews) - German stocks tumbled on Friday as strong U.S. data and hawkish comments from Fed officials prompted a rise in U.S. Treasury yields.
Investors ignored data showing that Germany's producer price inflation eased for the fourth straight month in January to reach its lowest level in nearly one-and-a-half years amid a continued slowdown in energy prices.
The producer price index climbed 17.8 percent year-over-year in January, which was slower than the 21.2 percent surge in December. Economists had forecast the price growth to ease to 16.4 percent.
On a monthly basis, producer prices decreased 1.0 percent in January, following a 0.4 percent fall in December.
The benchmark DAX was down 202 points, or 1.3 percent, at 15,332 after rising 0.2 percent in the previous session.
Copper producer Aurubis AG slipped half a percent despite announcing a record dividend.
Mercedes-Benz Group jumped more than 2 percent after the carmaker delivered strong full-year results and said it intends to repurchase up to 4 billion euros of shares over the next two years.
Energy major Uniper SE gained 0.6 percent despite reporting a wider loss for its fiscal 2022.
Allianz SE lost 3.2 percent after fourth-quarter profits fell at its nonlife and asset-management operations.
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