DAX Little Changed On Rate Hike Worries
(RTTNews) - German stocks were little changed in cautious trade on Tuesday as concern about European gas supplies stoked recession fears and reports emerged that European Central Bank policymakers may consider a bigger-than-expected rate hike later in the week.
The euro rallied after Reuters said policymakers will discuss whether to raise interest rates by 50 bps on Thursday to tame record-high inflation.
Investors also await a final euro area inflation print for June due later in the day for direction.
The benchmark DAX was little changed at 12,877 after closing 0.7 percent higher on Monday.
Technology stocks fell, with Infineon Technologies losing 1 percent after reports emerged that Apple plans to slow hiring and spending growth ahead of a potential recession.
Separately, IBM topped quarterly revenue estimates but warned the hit from forex for the year could be about $3.5 billion due to a strong dollar.
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