German stocks edged lower on Tuesday as the yield on the 30-year Treasury bond climbed and new Covid-19 cases continued to rise around the world, raising concerns over a disconnect between fundamentals and high equity valuations.
The benchmark DAX dropped 44 points, or 0.3 percent, to 15,324 after declining 0.6 percent on Monday.
Deutz AG rose over 1 percent. The internal combustion engine manufacturer raised its full-year guidance for 2021 after reporting a 1 percent rise in first-quarter revenue.
Luxury carmaker BMW gained half a percent. The company reported sales growth in all significant regions of the world, in particular in China, and all brands in the first quarter of 2021.
K+S Group shares gained nearly 2 percent. The chemical company said it received allowance from the U.S. Justice Department for the sale of the Americas operating unit.
In economic releases, German producer price inflation accelerated sharply to 3.7 percent in March from 1.9 percent in February, driven by higher energy and intermediate product prices, Destatis reported.
This was the biggest increase since November 2011 and faster than the expected rate of 3.3 percent.
Month-on-month, producer prices gained 0.9 percent versus a 0.7 percent rise in the prior month. Economists had expected a 0.6 percent rise.
DAX Slips Into Red On Valuation Concerns
2021-04-20 08:59:30
