German stocks were moving lower on Wednesday as inflation worries overshadowed solid business activity data as well as dovish commentary from Fed officials, including Chairman Jerome Powell.
The benchmark DAX dropped 58 points, or 0.4 percent, to 15,577 after closing 0.2 percent higher the previous day.
Chemical distribution company Brenntag AG was moving lower. The company has announced the acquisition of U.S.-based Storm Chaser Holding Corp., called as JM Swank, from Platinum Equity.
In economic releases, Germany’s private sector grew at the fastest pace in more than a decade in June with the further easing of COVID-19 restrictions, flash survey results from IHS Markit showed earlier today.
The flash composite output index climbed to a 123-month high of 60.4 from 56.2 in the previous month, reflecting improved performances across both monitored sectors.
In services, business activity rose at the quickest for more than ten years. The corresponding Purchasing Managers’ Index came in at 58.1, up from 52.8 a month ago.
The manufacturing PMI rose moderately to 64.9 in June from 64.4 in the prior month.
DAX Dips On Inflation Worries
2021-06-23 08:56:12
