DAX Declines On China Recovery Concerns

(RTTNews) - German stocks fell sharply on Wednesday as a slew of mixed Chinese economic data released earlier today added to concerns over the economic outlook for 2024.

Increased uncertainty over the likelihood of early interest rate cuts also weighed, following more hawkish remarks from European Central Bank (ECB) officials.

ECB President Christine Lagarde said that market bets on aggressive rate cuts are a distraction.

Dutch central bank chief Klass Knot also said that financial markets are getting ahead of themselves on rate cuts and that might become self-defeating in the end.

The benchmark DAX was down 165 points, or 1 percent, at 16,4406 after declining 0.3 percent in the previous session.