German Stocks Slip On Hormuz Tensions, Oil Price Surge
(RTTNews) - German stocks drifted lower Tuesday morning as investors largely refrained from making significant moves amid continued uncertainty over the reopening of the Strait of Hormuz, and ahead of crucial U.S. inflation data due later in the week. Germany's inflation data is eyed as well.
Brent crude futures climbed above $90 a barrel amid fading hopes for a deal between Washington and Tehran to reopen the Strait of Hormuz, a critical waterway for global energy supplies. At $89.90 a barrel, crude futures were up nearly 2.5%.
The benchmark DAX was down 91.10 points or 0.34% at 26,263.93 a little while ago.
Daimler Truck Holding, Bayer, Qiagen, Airbus and BASF shed 1%-1.6%,
Mercedes-Benz, Volkswagen, Zalando, Adidas and Vonovia lost nearly 1%. Allianz, Symrise, MTU Aero Engines, Merck, BMW and Henkel also dropped to lower levels.
Deutsche Telekom, Rheinmetall, Siemens Energy, Infineon Technologies and RWE gained 0.5%-0.8%.
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