DAX Down 0.7% As Mideast Tensions Push Oil, Bond Yields Higher
(RTTNews) - German stocks shed ground on Wednesday, extending losses to a third straight session amid rising worries about inflation as oil prices climbed higher due to an escalation in U.S.-Iran conflict. Rising bond yields weighed as well on sentiment.
Oil prices moved up after the U.S. military hit targets in Iran and Tehran retaliated by firing missiles and drones at various sites across the region, heightening fears of supply disruptions and threatening commercial shipping through the Strait of Hormuz.
Brent crude prices rose toward to about $97 a barrel before dropping to around $95.
Shares from the auto sector were among the notable losers. Industrials stocks weakened as well.
The benchmark DAX was down 182.22 points or 0.7% at 25,776.09 at noon.
Zalando dropped about 4.7%. Volkswagen shed 3.7% and GEA Group drifted down 3.1%. Continental, Scout24 and Heidelberg Materials lost 2%-2.5%.
BMW, Daimler Truck Holding, Deutsche Post, Mercedes-Benz, Siemens, SAP, RWE, Fresenius, Fresenius Medical Care, Brenntag, Deutsche Boerse, E.ON, Siemens Healthineers and Merck shed 1%-1.9%.
Adidas moved up 1.3%. Deutsche Bank climbed 1%, while Commerzbank, Hochtief and Siemens Energy posted modest gains.
