German stocks fell on Friday to extend losses from the previous session as risk-off mood prevailed amid fears that the U.S. Federal Reserve has left it too late to begin cutting interest rates and risks damaging the world’s largest economy.
The benchmark DAX was down 198 points, or 1.1 percent at 17,884 after tumbling 2.3 percent in the previous session.
Tech stocks were coming under selling pressure, with Infineon Technologies tumbling 3.6 percent after U.S. chipmaker Intel said it would cut more than 15 percent of its workforce in a desperate cost-cutting bid.
Heavyweight banks Commerzbank and Deutsche Bank fell 1.4 percent and 1.6 percent respectively.
In the auto sector, BMW, Mercedes Benz and Volkswagen all were down around 1 percent.
DAX Extends Losses On Risk-off Mood
2024-08-02 08:51:57
