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DAX Slips Into Red On Recession Worries
(RTTNews) - German stocks declined on Thursday as weak U.S. economic data and hawkish Fed comments reinforced market concerns about an imminent U.S. recession.
The dollar extended its recent sell-off amid falling Treasury yields on concerns that sharply higher interest rates will weigh on the U.S. economy in 2023.
Few Fed officials signaled on Wednesday that they would push on with more interest rate hikes, hurting prices of stocks and bonds.
The benchmark DAX slipped half a percent to 15,105 after finishing marginally lower in the previous session.
Electrical company Encavis plunged 7 percent as Barclays downgraded its rating on the stock to "underweight" from "equal weight".
Looking ahead, the minutes of the European Central Bank's monetary policy meeting is due later in the day.
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