German stocks traded lower on Tuesday after more Federal Reserve officials expressed caution on inflation, raising uncertainty over the pace of interest-rate cuts this year.
Meanwhile, Germany’s producer prices continued to fall in April on lower energy and intermediate goods prices and the pace of overall fall in prices deepened, data from Destatis revealed earlier today.
Producer prices decreased 3.3 percent on a yearly basis in April, faster than the 2.9 percent fall in March. Economists had forecast an annual fall of 3.2 percent.
On a monthly basis, producer prices advanced 0.2 percent, the same pace of increase as seen in March and also matched economists’ expectations.
The benchmark DAX was down 66 points, or 0.4 percent, at 18,703 after edging up 0.4 percent on Monday.
Kontron rallied 3.5 percent. The IoT technology company said it had received a major order to supply smart wallboxes.
Automaker Volkswagen edged down slightly after Morgan Stanley downgraded the stock to “under-weight” from “equal-weight”.
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2024-05-21 08:49:16
