German stocks drifted lower on Friday as a fresh spike in U.S. Treasury yields sent ripples through markets.
The 10-year U.S. Treasury yield crept back above 1.6 percent after the release of better-than-expected jobless claims data.
The focus now turns to U.S. producer-price data due out later in the day and the Federal Reserve decision next week.
The benchmark DAX dropped 63 points, or 0.4 percent, to 14,506 after closing up 0.2 percent on Thursday.
Deutsche Bank AG shares rose half a percent. The banking major disclosed in its annual report that total compensation awarded to its employees in 2020 was 10.1 billion euros, flat year-on-year.
Broadcaster RTL Group gained about 1 percent after the company confirmed it was exploring the sale of its controlling stake in French broadcaster Groupe M6.
In economic releases, German consumer price inflation accelerated in February as estimated initially, latest figures from Destatis showed.
The consumer price index rose 1.3 percent year-on-year following a 1.0 percent increase in January, in line with the flash estimate. Prices rose for a second straight month.
Compared to the previous month, the CPI climbed 0.7 percent in February after a 0.8 percent increase in January. That also matched the initial estimate.
Market Analysis
DAX Drifts Lower As Yields Rise
2021-03-12 08:53:58
