BRUSSELS (dpa-AFX) - German stocks fell on Thursday as oil prices rose sharply amid concerns about Middle East tensions. Data showing an increase in German producer price inflation in the moth of July weighed as well on sentiment.
Brent crude futures rose to $84.04 a barrel, gaining about 2.7%, after U.S. President Donald Trump sharpened his rhetoric against Tehran, warning of economic consequences against any country that provided 'any type of lifeline to Iran.'
Iran's Foreign Minister Abbas Araghchi said Trump's 'doubling down on failed policies will only bring further defeat' to the U.S.
The benchmark DAX, which tumbled to 25,927.36, was down 146.74 or 0.56% at 25,983.04 a few minutes past noon.
Brenntag shed 2.8%. Merck lost about 2.1%, while Bayer and Adidas drifted down by 1.8% and 1.7%, respectively.
BASF, Scout24, SAP, Deutsche Telekom, Munich RE, Hannover RE and Fresenius lost 1%-1.5%. Mercedes-Benz and Rheinmetall also dropped to lower levels.
Continental and Qiagen moved up 1.5% and 1.2%, respectively. Symrise, Commerzbank, Daimler Truck Holding, GEA Group and Heidelberg Materials gained 0.4%-1%.
Data released by Destatis showed Germany's producer price inflation hit the highest in more than three years in July, rising 3% annually in the month, faster than the 1.8% rise in June.
This was the highest rate since April 2023, when prices advanced 5.2%. Economists had forecast prices to rise 2.7% in July.
On a monthly basis, producer prices climbed by sharper-than-expected 1.1% and in contrast to the 0.3% fall in June. Economists had forecast prices to grow 0.5% in July.
Higher prices for intermediate goods and energy drove the annual increase. Intermediate goods prices rose 5.4% and energy prices were up 3.8%.
Prices of capital and durable consumer goods gained 2.3% and 2%, respectively. Meanwhile, non-durable consumer goods dropped 2.3%.
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