German stocks fell notably on Thursday as hawkish comments from Federal Reserve Chair Jerome Powell stoked uncertainty about the U.S. rate outlook.
Further weighing on sentiment, some European Central Bank (ECB) policymakers said on Wednesday that euro zone inflation is stubborn and may require a protracted period of high interest rates.
Earlier today, the Swiss National Bank raised its policy rate and the rate it charges on sight deposits to 1.75 percent from the 1.5 percent level set in March.
The Bank of England’s rate decision is due later in the day.
The benchmark DAX was down 106 points, or 0.7 percent, at 15,916 with selling seen across the board.
Tech stocks fell, with Infineon Technologies down nearly 2 percent.
Banks Commerzbank and Deutsche Bank fell around 2 percent each.
Automakers BMW. Mercedes Benz and Volkswagen dropped 1-2 percent after U.S. lawmakers late on Wednesday urged the Federal Trade Commission to finalize new consumer protections for car buyers.
Market Analysis
DAX Slides On US Rate Worries
2023-06-22 09:04:11
