DAX Down 0.5% As Middle East Concerns Weigh
(RTTNews) - The German stock market's benchmark index DAX drifted lower on Tuesday amid weakness in the tech sector and higher oil prices due to concerns about Middle East tensions on reports that a couple of commercial vehicles were struck by Iranian missiles along the Strait of Hormuz late Monday.
Brent crude futures climbed to $73.31 a barrel, gaining nearly 2%, before easing slightly to $72.98 a barrel.
The DAX, which opened slightly down from previous closing level, was down 130.03 points or 0.5% at 25,702.49 a little while ago.
Siemens Energy fell 6.55% after Barclays lowered the stock's rating to "underweight" from "equal-weight."
Infineon Technologies dropped 5.7%. Hochtief drifted lower by about 2.5%, while Siemens shed nearly 2%.
RWE, Vonovia and MTU Aero Engines declined marginally.
Beiersdorf climbed nearly 3%. Munich RE gained 2.75%, while Fresenius Medical Care, SAP and Hannover RE moved up 2%-2.6%.
Deutsche Bank, Scout24, BMW, Fresenius, Mercedes-Benz, Siemens Healthineers, Deutsche Boerse, Henkel, Heidelberg Materials, Symrise and Adidas gained 1%-2%.
Data released by Destatis showed Germany's industrial production grew 0.9% on a monthly basis in May, faster than the 0.2% rise in April. A similar faster growth was last seen in September. Output was expected to grow marginally by 0.1%.
On a yearly basis, industrial production remained flat in May after falling 0.9% in April.
Excluding energy and construction, industrial output was up 0.8% from April. Capital goods output climbed 1.3% and that of consumer goods rose 1.2%. Meanwhile, intermediate goods output dropped 0.4%.
Asian Markets Sink Amid Inflationary Risks
Indian Shares Set For Weak Opening As Oil Extends Surge On Mideast Tensions
Losing Streak May Continue For Thai Stock Market
Japanese Market Sharply Lower
Indonesia Stock Market Tipped To Open In The Red
No Help Yet For Hong Kong Stock Market
Australian Market Sharply Lower
