DAX Modestly Lower As Powell's Comments Raise Valuation Concerns
(RTTNews) - German stocks are down in negative territory on Wednesday, weighed down by Federal Reserve Chairman Jerome Powell's comments that equity prices are fairly highly valued by many measures.
Defense stocks are finding some support after U.S. President Donald Trump said he believed Ukraine could retake all its land occupied by Russia and that Kyiv should act now.
The benchmark DAX, which climbed to 23,634.32 earlier in the session, was down 46.14 points or 0.2% at 23,584.46 a little while ago.
Continental and Brenntag are down more than 2%. Daimler Truck Holding, Mercedes-Benz, Merck, Deutsche Bank, Volkswagen, Siemens Healthineers, BASF, Infineon Technologies and BMW are down 1 to 1.5%.
Fresenius, Bayer, Qiagen, Beiersdorf, Deutsche Boerse, Allianz and Porsche Automobil Holding are also notably lower.
Rheinmetall, Zalando, Siemens Energy, RWE, MTU Aero Engines, Deutsche Telekom, Fresenius Medical Care and Deutsche Post are gaining 0.5 to 1.7%.
Shares of wind turbine maker Nordex are up 1.2% after the company said it has secured an order for 50MW from Spanish company Abei Energy.
On the economic front, the Ifo Institute showed that its business Climate Index for Germany fell 1.2 points to 87.7 in September, down from a revised 88.9 in August. The reading marked the lowest since May and the sharpest monthly drop in over a year.
The Expectations Index dropped to 89.7 from 91.4, and the current conditions index declined to 85.7 from 86.4), suggesting uncertainty surrounding US tariff policy has weighed on sentiment, clouding the outlook for Europe's largest economy.
Bank Of Japan Minutes On Tap For Thursday
Canadian Market Pares Gains After Modest Upmove
Swiss Market Ends Notably Lower
European Stocks Closed Mixed After Cautious Session
Czech Central Bank Holds Rate Steady At 3.5% On Rising Inflationary Risks
U.S. Mortgage Applications Growth Slows
U.S. New Home Sales Unexpectedly Skyrocket To Three-Year High In August
