DAX Dips Amid Fed Rate Uncertainty
(RTTNews) - German stocks fell on Friday as robust U.S. economic data released overnight bolstered prospects of interest rates staying higher for longer.
Meanwhile, the German economy expanded as initially estimated in the first quarter, underpinned by rebounding investment and exports, data from Destatis revealed earlier today.
Gross domestic product expanded 0.2 percent sequentially in the first quarter, in contrast to the 0.5 percent decrease in the preceding three months. The statistical office confirmed the flash estimate published on April 30.
On a yearly basis, calendar-adjusted GDP shrank 0.2 percent, the same rate as seen in the fourth quarter and in line with the preliminary estimate.
The benchmark DAX dropped 87 points, or half a percent, to 18,605 after ending flat with a positive bias the previous day.
In corporate news, Rheinmetall AG fell about 1 percent. The automotive and arms maker said it has received an order from a NATO customer for the supply of 155mm artillery ammunition.
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