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DAX Declines On US Debt Ceiling Worries
(RTTNews) - German stocks tumbled on Wednesday after another round of U.S. debt ceiling talks ended without an agreement.
If Congress does not raise the debt ceiling, the U.S. government will be unable to pay its bills and will default on its debt.
U.S. Treasury Secretary Janet Yellen previously warned lawmakers that a default in early June is "highly likely."
Following recent hawkish talk from several Federal Reserve officials, investors also waited for the minutes from the Federal Reserve's meeting earlier in May for additional clues on the Fed's rate hike path.
The benchmark DAX dropped 216 points, or 1.3 percent, to 15,936 after losing 0.4 percent in the previous session.
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A report released by the National Association of Realtors on Thursday showed pending home sales in the U.S. fell by more than expected in the month of July. NAR said its pending home sales index decreased by 0.4 percent to 71.7 in July after sliding by 0.8 percent to 72.0 in June. Economists had expected pending home sales to edge down by 0.1 percent.
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A report released by the Labor Department on Thursday showed a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 23rd.
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