DAX Slides On Rate Woes; Evotec Shares Jump 18%
(RTTNews) - German stocks were notably lower on Friday after Federal Reserve Chairman Jerome Powell damped market expectations of quick interest rate cuts.
Investors shrugged off some positive data on the domestic front, which showed Germany's wholesale prices continued to decline in October, though at a slower pace.
Destatis reported that German wholesale prices decreased 0.8 percent year-on-year in October, slower than the 1.1 percent drop in September. Wholesale prices have been falling since May 2023, and the latest drop was the weakest in three months.
The benchmark DAX was down 108 points, or 0.6 percent, at 19,155 after rallying 1.4 percent the previous day.
Evotec shares jumped 18 percent after Halozyme Therapeutics has put forth a non-binding proposal to acquire the German drug developer Evotec for about 2 billion euros ($2.10 billion).
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