DAX Plunges On Inflation Fears
(RTTNews) - German stocks plummeted on Thursday after global central bank chiefs said bringing down high inflation around the world will be painful and even dent economic growth.
The data's economic reports proved to be a mixed bag, with Germany's retail turnover recovering in May driven by non-food sales, while unemployment unexpectedly rose - snapping 15 straight months of decline.
Retail sales grew by real 0.6 percent in May, in contrast to a 5.4 percent fall in April. Economists had forecast a monthly growth of 0.5 percent.
Joblessness jumped by 133,000 in June, lifting the jobless rate to 5.3 percent -- the highest since November.
The benchmark DAX slumped 297 points, or 2.3 percent, to 12,706 after plunging 1.7 percent the previous day.
Uniper SE shares plunged 19 percent. The utility withdrew its outlook for the financial year 2022, due to gas supply restrictions by Russia's Gazprom.
BioNTech SE shares rose about 2 percent. The German drug maker along with Pfizer Inc. announced a new $3.2 billion vaccine supply deal with the U.S. government.
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