German stocks fell on Wednesday amid signs of rising inflationary pressure and worries about increasing cases of the COVID-19 Delta variant.
Markets were moving in a tight range ahead of Fed Chair Jerome Powell’s testimony before Congress today and tomorrow.
His comments could provide more insights about the central bank’s intentions to pare purchases of Treasury and mortgage bonds amid the rising inflation threat.
The benchmark DAX dropped 33 points, or 0.2 percent, to 15,756 after ending marginally lower the previous day.
Airline Lufthansa fell more than 1 percent after saying passenger numbers are currently around 40 percent of pre-pandemic levels.
Travel firm TUI AG tumbled 3.6 percent on reports it has cancelled more holidays until August.
Fashion house Hugo Boss jumped 4.7 percent. The company remains confident that its overall business recovery will continue in the second half of 2021, despite the persisting uncertainties regarding the further development of the pandemic.
Market Analysis
DAX Slides On Inflation Woes
2021-07-14 09:00:15
