DAX Dips On Middle East Concerns
2024-10-03
4477
(fxcue news) - German stocks fell notably on Tuesday as investors fretted about a worsening Middle East conflict and its potential impact on oil markets, supply chains and the global economy.
Traders ignored positive data that showed German industrial production expanded more than expected in August after falling in the previous month.
Data from Destatis revealed that German industrial output grew 2.9 percent on month in August, reversing a revised 2.9 percent decline in July. Economists had expected a 0.8 percent rebound for the month.
On a yearly basis, industrial production logged a 2.7 percent drop, slower than the 5.6 percent decrease in July.
The benchmark DAX dropped 140 points, or 0.7 percent, to 18,964 after finishing marginally lower on Monday.
Nordex SE, a wind turbine maker, advanced 1.6 percent after saying it has received orders from Canada for 74 N163 turbines with 500 MW capacity from an undisclosed party.
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