BRUSSELS (dpa-AFX) - German stocks fell on Monday as rising oil prices amid an escalation in U.S.-Iran conflict raised concerns about inflation and global economic outlook. Fed Chair Kevin Warsh's hawkish tone during his speech at Jackson Hole Economic Symposium last week appeared to be weighing as well on sentiment.
Warsh noted that inflation remains elevated and there might be a need to tighten policy if inflation does not show signs of easing.
According to reports, American forces targeted two rocket launches on Iran's Larak Island, killing and wounding several Iranian fighters and civilians. Washington 'took limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz,' the U.S. Central Command said.
Iran's Islamic Revolutionary Guard Corps (IRGC) said it subsequently launched attacks on U.S. military bases in Jordan.
Brent crude futures rose to $90.78 a barrel, and were at $90.78 a little while ago, gaining a little over 3% from previous close.
The benchmark DAX, which dropped to 26,369.55 earlier, was down 167.35 points or 0.63% at 26,416.00 a little while ago.
Siemens Energy dropped 3.3%. Vonovia, Rheinmetall, Heidelberg Materials, MTU Aero Engines, Hochtief, SAP, Qiagen, RWE and Fresenius Medical Care shed 1%-1.6%.
Infineon Technologies, Scout24, BMW, Deutsche Boerse, Siemens and GEA Group lost 0.4%-0.7%.
Continental moved up 1.7%. Zalando gained 1.3% and BASF climbed 1.2%. Brenntag, Bayer, Daimler Truck Holding, Hannover RE and Munich RE gained 0.4%-1%.
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