(RTTNews) - German stocks tumbled on Friday, extending losses from the previous session, as worries about inflation and economic slowdown due to the ongoing conflict in the Middle East continued to force investors away from riskier assets.
Oil prices climbed higher again, with the Brent crude climbing over $114 a barrel, even as U.S. President Donald Trump extended the pause on military strikes on Iran by 10 days. However, reports that the Pentagon is planning to send 10,000 more troops to the Middle East signal a possible escalation in tensions in the region.
The benchmark DAX, which briefly moved higher, dropped to a low of 22,275.27, and was last seen at 22,335.77, down 245.30 points or 1.09% from previous close.
Siemens Energy and Infineon Technologies lost 4.8% and 4.3%, respectively. Rheinmetall, RWE, Commerzbank and Siemens drifted down by 2.3%-3%.
Deutsche Bank, Gea Group, Heidelberg Materials, MTU Aero Engines, E.ON, Deutsche Telekom, Continental, Daimler Truck Holding and Vonovia lost 1%-2%. Adidas, Mercedes-Benz, BMW, Siemens Healthineers, Fresenius, Henkel, Merck and Volkswagen also drifted lower.
SAP climbed more than 1%. BASF, Hannover RE and Deutsche Boerse posted modest gains.
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