(RTTNews) – German stocks followed their global peers lower on Tuesday as inflation fears returned to the fore.
Speculation is common that rising inflation and positive data could force the Federal Reserve to reduce its monetary policy support sooner than expected.
The German DAX was down 305 points, or 2%, to 15,093 ahead of ZEW sentiment data due later today.
Data released by Destatis earlier today showed German wholesale prices rose at the fastest rate in a decade in April due to higher prices for petroleum products.
Wholesale prices rose 7.2% year-over-year in April, following a 4.4% increase in March. This was the strongest growth since March 2011, when prices were up 8.4%.
On a monthly basis, wholesale prices advanced 1.1%, but slower than the 1.7% increase recorded in March.
Consumer electronics retailer Ceconomy AG fell 14% after widening its adjusted EBIT loss.
The Thyssenkrupp conglomerate lost 6% despite increasing its full-year outlook for the second time in three months.
Software company TeamViewer dropped 6% after announcing the creation of a new software development center as well as a mixed reality (MR) competence center through acquisitions in Europe.
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