- June 8, 2021
- Posted by: Stratford Team
- Category: Markets
(RTTNews) – German stocks were subdued on Tuesday, with weak industrial output data and caution ahead of U.S. inflation data due later this week keeping underlying sentiment cautious.
The benchmark DAX was down about 10 points at 15,667 after ending 0.1 percent lower on Monday.
Automakers fell on profit after recent gains, with BMW, Daimler and Volkswagen declining between 0.8 percent and 1.3 percent.
Data from Destatis showed earlier in the day that German industrial production logged an unexpected decline in April.
Industrial output dropped 1 percent on a monthly basis in April, reversing a revised 2.2 percent rise in March. Economists had forecast an increase of 0.5 percent.
On a yearly basis, the growth in industrial production surged to 26.4 percent from 4.8 percent in the previous month.
Investors await U.S. inflation data due later this week for more clues on the Fed monetary policy outlook.
With price pressures growing, there are fears that the Federal Reserve is heading closer to begin discussions about tapering of the asset purchase program.