German Stocks Tumble As Oil Prices, Bond Yields Move Up
(RTTNews) - German stocks tumbled on Thursday amid rising fears of inflation and interest rates as oil prices surged higher and bond yields rose amid an escalation in tensions in the Middle East.
Oil prices rose sharply amid rising concerns over an escalation in U.S.-Iran conflict. According to reports, the White House asked Pentagon to develop options to strike Iran before the midterm elections, but no final decision has been made. Meanwhile, oil companies operating in the Gulf of Mexico have begun curbing production and evacuating personnel from offshore facilities.
Brent crude front-month futures jumped to $104.50 a barrel, gaining about 4.3%. The yield on Germany's 10-year Government Bonds rose to 3.538%.
The benchmark DAX was down 293.07 points or 1.19% at 24,811.29 about half an hour past noon.
Infineon Technologies, Fresenius and Hochtief dropped 3.5%, 3.3% and 3%, respectively. Volkswagen, Qiagen, Continental, Siemens, MTU Aero Engines, Vonovia and Fresenius Medical Care drifted lower by 2%-2.7%.
Shares of pharmaceutical and biotechnology firm Bayer eased by about 1%. The company announced that the U.S. FDA has accepted its supplemental New Drug Application for KERENDIA.
Mercedes-Benz, Commerzbank, Deutsche Bank, Deutsche Post, Heidelberg Materials, Merck, Adidas, Siemens Healthineers and Allianz declined 1%-1.7%.
Rheinmetall, SAP, Scout24, Deutsche Boerse, BASF, Daimler Truck Holding and Hannover RE gained 0.4%-0.9%.
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