DAX Slides As Trade Tensions Mount
2024-07-16
4357
(fxcue news) - German stocks fell notably on Friday as signs of deepening Sino-U.S. trade tensions along with uncertainty over U.S. President Joe Biden's path to victory in the presidential race sapped investors' appetite for risk.
A lack of Chinese stimulus measures to revive growth and a widespread Microsoft outage that hit services from airlines, banks and financial services also weighed on markets.
Meanwhile, Germany's producer prices declined at the slowest pace in the current sequence of falls, which began in July last year, data published by Destatis showed.
Producer prices registered an annual decrease of 1.6 percent in June after declining 2.2 percent in May. Prices have been falling since July 2023.
The overall decline in June was largely due to lower energy prices, which were 5.9 percent cheaper compared to last year.
Lower natural gas and electricity prices had the biggest influence on energy prices.
The benchmark DAX was down 0.8 percent at 18,211 after losing half a percent the previous day.
Sartorius shares plunged 14.5 percent after the pharmaceutical equipment supplier cut its full-year guidance.
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