BRUSSELS (dpa-AFX) - German stocks showed weakness on Monday amid concerns about inflation and a possible interest rate hike by the European Central Bank later this week.
Oil prices climbed higher following the United States' attacks on Iranian tankers and Tehran's threat of a new restricted zone outside the Strait of Hormuz raised concerns about disruptions to energy flows.
Brent crude futures rose to $97.93 a barrel before easing to $96.83, still up nearly 0.6% from previous close.
Germany's benchmark index DAX was down 75.88 points or 0.29% at 25,972.50 a few minutes past noon.
Vonovia and Qiagen shed about 2.5% and 2.3%, respectively. Fresenius and SAP lost 2% and 1.9%, respectively.
Hannover RE fell 1.7%. Clemens Jungsthofel, CEO of Hannover RE, said that growing uncertainties combined with intensifying competition are causing increasing headwinds for the reinsurance industry.
Siemens Healthineers, Beiersdorf, Deutsche Telekom, Allianz, Daimler Truck Holding, Gea Group, Merck, Rheinmetall, Adidas and Siemens drifted down 0.5%-1%.
Infineon Technologies climbed nearly 3%. MTU Aero Engines gained 2.8% and RWE moved up 2.3%. Commerzbank, E.ON, Hochtief, Zalando and Siemens Energy advanced 1%-1.7%.
In economic news, data from the federal statistical office showed Germany's industrial production dropped 1.1% (month-on-month) in July, missing market forecasts for a 0.1% increase and reversing from a downwardly revised stagnation in June. It was the fourth monthly decline so far this year, mainly driven by a 9.2% plunge in automotive production following weeks of production shutdowns.
Revised data from Destatis showed the euro area economy expanded more than initially estimated in the second quarter, with the gross domestic product growing 0.6% sequentially after remaining flat in the first quarter. The second quarter growth was revised up from 0.4% estimated previously.
On a yearly basis, economic growth doubled to 1.2% from 0.6% in the preceding period. The initially estimated growth for the second quarter was 1%.
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