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DAX Declines On Fed Worries
(RTTNews) - German stocks fell in cautious trade on Thursday as investors reacted to hawkish comments from Fed officials and fretted over recession risks.
Meanwhile, Germany's producer price inflation eased for the sixth straight month in March to reach its lowest level in nearly two years amid a sharp slowdown in energy prices, preliminary data from Destatis showed earlier today.
The producer price index climbed 7.5 percent year-over-year in March, much slower than the 15.8 percent rise in February. Economists had forecast the price growth to ease to 9.8 percent.
Further, the latest inflation rate was the weakest since May 2021, when prices had risen 7.2 percent.
On a monthly basis, producer prices decreased 2.6 percent in March, after a 0.3 percent drop in the prior month.
The benchmark DAX was down 110 points, or 0.7 percent, at 15,785 after closing marginally higher in the previous session.
Sartorius Stedim Biotech shares plunged 7.2 percent after the Franco-German lab equipment maker reported a decline in Q1 2023 profit and revenue.
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