DAX Dips Ahead Of CPI Data
2024-09-24
4145
(fxcue news) - German stocks traded lower on Monday and bond yields nudged higher as investors positioned themselves for the flash German CPI data and Fed Chair Powell's speech later in the day.
Meanwhile, official data showed German import prices increased for the third straight month in August, though slightly.
Import prices rose 0.2 percent on a yearly basis in August, slower than the 0.9 percent rise in July.
The slower rise in August was mainly due to a 5.4 percent decline in costs for energy imports. Excluding energy, import prices grew 0.9 percent from last year.
Further, data showed that export price inflation remained stable at 0.8 percent. On a monthly basis, export prices showed a flat change versus a 0.1 percent drop in July.
The benchmark DAX was down 91 points, or half a percent, at 19,382 after rallying 1.2 percent on Friday.
In corporate news, car maker Volkswagen declined 2.5 percent after cutting its 2024 outlook. BMW and Mercedes Benz both were down around 2 percent.
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