BRUSSELS (dpa-AFX) - German stocks fell on Tuesday, extending previous session's decline, as rising oil prices and escalating political tensions in France and several other parts of Europe triggered another round of selling at several counters.
Concerns over AI-related valuations and data showing a sharp acceleration in Germany's producer price inflation added to the weak sentiment.
Brent crude prices moved sharply higher due to Houthi attacks on Saudi Arabia infrastructure and reports of vessel attacks in the Gulf. Brent crude front-month futures climbed to $111.75 a barrel, gaining nearly 2% over previous closing level.
The benchmark DAX, which dropped to 25,050.46, was down 218.52 points or 0.86% at 25,101.25 at noon.
Siemens dropped nearly 4%. Hochtief and Vonovia drifted down 3% and 2.9%, respectively. Siemens Energy, Infineon Technologies, Deutsche Bank, Zalando, Commerzbank and Rheinmetall lost 1.7%-2.5%.
MTU Aero Engines shed 1.4%, while Daimler Truck Holding, Heidelberg Materials, Brenntag, Gea Group, BASF, Continental and Symrise posted moderate losses.
Fresenius Medical Care moved up 1.7%. Qiagen and E.ON gained 1.2% and 1.1%, respectively. Fresenius, Bayer, Deutsche Telekom, Siemens Healthineers and Scout24 posted modest gains.
In economic news, data from the federal statistical office Destatis showed Germany's producer prices increased 6.7% year-on-year in September, marking the sixth straight month of producer price growth and accelerating from August's reading of 4.6%. It was the fastest increase in producer prices since March 2023.
On a monthly basis, prices climbed 1.9%, following a 1.1% rise in August, marking the fastest pace in six months and exceeding market estimates of a 0.8% gain.
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