DAX Extends Losses As Traders Boost Fed, ECB Bets
(RTTNews) - German stocks fell sharply on Monday to extend losses from the previous session after the world's top central bankers delivered a stern and unified message on the need to curb inflation in Jackson Hole this weekend.
The U.S. two-year treasury yield hit its highest in 15 years as markets priced in higher odds of a 75 bps Fed rate hike at the Sept. 20-21 policy meeting.
The European Central bank raised rates by 50 basis points to zero last month and a similar or even bigger move is now expected on Sept 8 to preserve the efficiency of monetary policy.
The benchmark DAX was down 185 points, or 1.4 percent, at 12,785 after declining 2.3 percent on Friday.
Tech stocks were among the hardest hit, with Infineon Technologies tumbling 3.5 percent as German 10-year yield rose 10 basis points (bps) to a two-month high.
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Australian Market Sharply Lower
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Lower Open Called For Taiwan Stock Market
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