German stocks traded sharply lower on Tuesday as investors fretted about higher interest rates and waited for Israel’s response to Iran’s unprecedented attack.
Meanwhile, Germany’s wholesale prices continued to decline in March, and at a steady pace, data from Destatis showed earlier today.
Wholesale prices dropped 3.0 percent on a yearly basis, the same as in February. Wholesale prices have been falling since April 2023.
Month-on-month, wholesale prices rebounded 0.2 percent in March, following a 0.1 percent drop in the prior month.
The benchmark DAX fell 259 points, or 1.4 percent, to 17,767 after rising half a percent in the previous session.
The dollar rose to a five-month high against the euro and pound after the release of stronger-than-expected U.S. retail sales data for March.
Skincare maker Beiersdorf gained about 1 percent after upgrading its 2024 sales guidance.
Nordex SE shares were little changed. The wind turbine maker said it had recorded an order intake of 338 turbines with a total capacity of 2,086 MW for the first-quarter, higher than 1,021 MW, registered for the same period last year.
Market Analysis
DAX Declines On Interest Rate Concerns
2024-04-16 08:53:33
