DAX Notably Lower As Inflation Concerns Weigh
(RTTNews) - German stocks drifted lower on Friday amid concerns about inflation after a survey by the European Central Bank showed Euro Zone consumers nudged up their inflation expectations last month.
The ECB survey showed median expectations for inflation over the next twelve months increased to 3% from 2.9% in July.
Earlier in the day, the Bank of Japan raised its key interest rate by 25 basis points and warned that underlying inflation could exceed its 2 percent target amid rising wage and price expectations.
Investors now await next week's meeting between U.S. President Donald Trump and Gulf-state leaders on the sidelines of the United Nations General Assembly.
The benchmark DAX was down 207.98 points or 0.81% at 25,525.28 a little while ago.
Deutsche Telekom dropped more than 4%. Volkswagen eased by about 1.7%. SAP, Mercedes-Benz, E.ON, Allianz, Deutsche Boerse, Zalando, Continental, BMW and Deutsche Bank shed 1%-1.6%.
Scout24, Bayer, Commerzbank, BASF, Beiersdorf, Munich RE, Heidelberg Materials, Henkel, Symrise an Deutsche Post lost 0.5%-0.9%.
Infineon Technologies moved up 3.5%, riding on a bullish outlook from Nvidia's CEO's prediction that says the company's chip sales would double over the coming year.
Data from Destatis showed Germany's producer prices advanced 4.6% year-on-year in August, marking the fifth straight month of producer price growth and accelerating from July's reading of 3.0% while surpassing market forecasts of 4.1%. It was the fastest increase in producer prices since April 2023. On monthly basis, producer prices rose 1.1% in August, the same pace as in July and still the fastest pace in three months. Prices were expected to rise 0.4% in the month.
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