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DAX Drops As Markets Brace For The Fed's Review
(RTTNews) - The German stock market benchmark DAX dropped more than half a percent amidst fears over the outcome of the Fed's interest rate review later in the day. Markets largely expect a 50-basis points rate hike but are also nervous about further hints on the peaking of rates. The review by the ECB due on Thursday also added to the mood of caution.
Meanwhile, data showed Industrial production in the Euro Area slumping 2 percent in October versus a downwardly revised 0.8 percent growth in September and consensus estimates of a 1.5 percent fall.
The forty-scrip DAX index is currently trading at 14,386.25, down 0.77 percent on an overnight basis. The day's trading has been within the range of 14,383.61 and 14,462.45.
Only 3 scrips of the 40-scrip index are trading in an overnight positive territory. Merck is the top gainer with a 2 percent uptick.
Zalando dropped 2.5 percent whereas Airbus shed 1.7 percent. Around 13 scrips in the index have declined more than 1 percent.
The EUR/USD pair is at 1.0664, gaining 0.32 percent overnight whilst the US Dollar Index dropped 0.25 percent to 103.72.
Pricing in the expectations of a rise in interest rates post the central bank decisions, the ten-year bond yield has increased 3.78 percent to 1.9760%, versus 1.9040% at the previous close.
The pan-European STOXX 600 is currently trading at 439.92, down 0.61 percent on an overnight basis.
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