German Stocks Decline Amid Oil Price And Tech Concerns
(RTTNews) - German stocks slipped on Thursday with investors trading cautiously on worries about rising oil prices due to persisting tensions between the U.S. and Iran, and renewed concerns about valuations of technology stocks amid increased spending on AI.
Investors also looked ahead to the European Central Bank's monetary policy announcement due later in the day.
Brent crude futures were up $4.25 or 4.51% at $98.32 a barrel a little while ago, after climbing to a high of $98.75 a barrel earlier.
The benchmark DAX was down 176.88 points or 0.7% at 24,997.22 a few minutes before noon.
Infineon Technologies dropped about 4.2%. Commerzbank shed 3.4%, while Symrise and Scout24 drifted down 2.9% and 2.6%, respectively.
MTU Aero Engines, Siemens Healthineers, Zalando, Continental, Deutsche Bank, Vonovia, Airbus, Qiagen, Henkel and Hochtief lost 1%-1.7%.
Deutsche Boerse declined nearly 1% despite reporting a 12% increase in second-quarter net profit.
Daimler Truck Holding rallied 3.2% after raising its full-year revenue and profit outlook.
Rheinmetall climbed 2.3% and BASF moved up 1.1%. RWE, Brenntag and GEA Group posted modest gains.
On the economic front, data from the European Automobile Manufacturers Association said Europe new car sales growth accelerated notably in June as market support measures lifted demand for electric vehicles.
Car sales in Eurozone increased 13.6% on a yearly basis after rising 3.2% in May.
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