German stocks followed global peers lower on Tuesday as inflation worries returned to the fore.
Speculation is rife that rising inflation and positive data might force the Federal Reserve to wind back monetary policy support sooner than expected.
The German DAX was down 305 points, or 2 percent, at 15,093 ahead of ZEW sentiment data due out later in the day.
Data released by Destatis earlier in the day showed that German wholesale prices grew at the fastest pace in a decade in April on higher petroleum product prices.
Wholesale prices rose 7.2 percent year-on-year in April, following a 4.4 percent rise in March. This was the biggest growth since March 2011, when prices were up 8.4 percent.
On a monthly basis, wholesale prices gained 1.1 percent but slower than the 1.7 percent increase posted in March.
Consumer electronics retailer Ceconomy AG slumped 14 percent after its adjusted EBIT loss widened.
Conglomerate Thyssenkrupp lost 6 percent despite raising its full-year outlook for the second time in three months.
Software firm TeamViewer gave up 6 percent after it announced the establishment of a new software development hub as well as a Mixed Reality (MR) competence centre through acquisitions in Europe.
Market Analysis
DAX Tumbles Amid Global Sell-off
2021-05-11 08:56:16
