German stocks retreated on Friday as COVID-19 worries persisted and data showed a bigger-than-expected jump in producer prices.
Signs of slowing global growth and concerns over China’s regulatory crackdown across a swathe of industries also weighed on markets.
German producer prices grew 10.4 percent yearly in July, following a 8.5 percent rise in June, Destatis reported. Economists had forecast an increase of 9.2 percent. This was the fastest rise since January 1975, when prices grew sharply amid first oil crisis.
On a monthly basis, overall producer price inflation rose to 1.9 percent from 1.3 percent in June. Economists had forecast a rise of 0.8 percent.
The benchmark DAX dropped 87 points, or 0.6 percent, to 15,678 after losing 1.3 percent in the previous session.
DAX Slides On Inflation Concerns
2021-08-20 08:54:12
