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DAX Tumbles On Growth Worries; Banks Worst Hit
(RTTNews) - German stocks fell sharply on Monday and Eurozone bond yields rose as last week's red-hot inflation data stoked expectations of aggressive interest rate hikes by the European Central Bank.
Meanwhile, German manufacturing activity contracted for a third month in a row in September, a survey showed earlier today, adding to worries over a looming recession. S&P Global's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of Germany's economy, dropped to 47.8, marking the lowest level since June 2020 and down from 49.1 in August.
The benchmark DAX fell 160 points, or 1.3 percent, to 11,954 after climbing 1.2 percent on Friday.
Lender Commerzbank lost 4.3 percent and Deutsche Bank plummeted 4.7 percent on concerns about Swiss bank Credit Suisse's liquidity and capital position.
United Internet fell about 1 percent despite the company confirming its FY sales forecast.
RWE AG, an energy firm, rose over 1 percent after it agreed to buy Con Edison's Clean Energy Businesses for an enterprise value of $6.8 billion.
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Asian Markets Track Wall Street Higher
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