DAX Extends Losses On Rate Worries
(RTTNews) - German stocks traded lower on Wednesday after the August U.S. job openings data showed a large pickup with vacancies - stoking fresh fears of higher-for-longer interest rates. The downside remained capped after a survey showed activity in Germany's services sector edged up slightly in September, following a drop in the previous month.
The German Bund yield climbed by 3 basis points to 3 percent from 2.968 percent after 10-year U.S. Treasury yields hit a 16-year high.
The benchmark DAX was down 38 points, or 0.3 percent, at 15,047 after declining 1.1 percent in the previous session.
Heavyweight banks were among the biggest losers. Commerzbank dropped 1.6 percent and peer Deutsche Bank lost 1.3 percent.
Automakers BMW, Mercedes Benz and Volkswagen were down between 0.6 percent and 0.8 percent on concerns about the global economic outlook.
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