DAX Slides As Far-right Surge In EU Elections Sparks Uncertainty
(RTTNews) - German stocks declined on Monday as U.S. rate cut hopes faded and the euro slipped to a one-month low against the dollar after far-right parties made big gains in the European Parliament election.
In a shock move, French President Emmanuel Macron called a snap election after crushing loss, describing it as 'an act of confidence'.
German Chancellor Olaf Scholz also suffered humiliating losses, while centrist parties across the bloc mostly held ground - making it harder for mainstream parties to form majorities needed to pass laws.
Focus also shifted toward Federal Reserve policymakers updating their rates forecast on Wednesday, though no change in policy rates is expected.
The benchmark DAX was down 129 points, or 0.7 percent, at 18,427 after declining half a percent on Friday.
Banks traded lower, with Commerzbank falling 1.3 percent and Deutsche Bank giving up half a percent.
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