DAX Dips Ahead Of Powell's Speech
(RTTNews) - German stocks were moving lower on Tuesday after two Federal Reserve officials said the fed funds rate will need to surpass 5 percent in order to get inflation under control.
Investors looked ahead to Fed Chair Jerome Powell's speech later in the day for additional clues on the economic and rate outlook.
The benchmark DAX slipped 41 points, or 0.3 percent, to 14,752 after rallying 1.3 percent the previous day.
Rate-sensitive tech stocks dropped, with Infineon Technologies falling 1.3 percent. Zalando, which operates an online platform for fashion and lifestyle products, traded around 6 percent lower, leading losses.
Banks fell, with Deutsche Bank losing 0.6 percent.
Adidas, BASF, Covestro, Fresenius, Merck and Siemens Energy were down 1-2 percent.
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