DAX Tumbles After Trump's Tariff Warning
2024-12-19
2122
(fxcue news) - German stocks tumbled on Friday as the U.S. faced a government shutdown and U.S. President-elect Donald Trump warned of potential tariffs on the European Union if the bloc does not cut its growing deficit with the United States by making large oil and gas trades with the world's largest economy.
In economic releases, the declining trend in German producer prices unexpectedly ceased in November, data from Destatis showed today.
Producer prices rose 0.1 percent year-on-year in November, reversing a 1.1 percent fall in the prior month.
Economists had expected a further fall of 0.3 percent. Moreover, prices increased for the first time since June 2023, when prices had risen 1.2 percent.
The benchmark DAX was down 230 points, or 1.2 percent, at 19,740 after falling 1.4 percent in the previous session.
Banks Commerzbank and Deutsche Bank fell 1.4 percent and 2.3 percent, respectively.
Automakers BMW, Mercedes Benz and Volkswagen all fell around 1 percent.
Delivery Hero SE, a food delivery platform, was down about 1 percent after it appointed Marie-Anne Popp as its Chief Financial Officer from January 2025.
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