German stocks traded lower on Thursday as investors fretted about rising geopolitical tensions in the Middle East and the outlook for interest rates.
U.S. Treasury yields jumped to multi-year highs ahead of Fed Chair Jerome Powell’s speech later in the day.
The benchmark DAX was down 48 points, or 0.3 percent, at 15,046 after closing 1 percent lower the previous day.
Infineon Technologies AG fell 2.2 percent. The semiconductor company has appointed Elke Reichart as its new Chief Digital Transformation Officer, effective November 1.
Merck KGaA jumped nearly 5 percent. The science and technology major said it expects to return to growth during fiscal 2024, and continued growth also beyond 2025.
Biopharmaceutical firm Sartorius surged 5.5 percent after unveiling financial results for the first nine months of the year.
Frankfurt-listed shares of Tesla were down 4.8 percent after CEO Elon Musk sounded a pessimistic note about the economy on an earnings call.
DAX Dips As Yields Surge Ahead Of Powell’s Speech
2023-10-19 08:52:14
