DAX Drifts Lower Ahead Of Key Inflation Data

(RTTNews) - German stocks fell sharply on Tuesday while the euro pulled back from recent highs ahead of Eurozone inflation data due later in the day.

Germany's 30-year yield climbed to a 14-year high, tracking a rise in U.S. Treasury yields ahead of key U.S. manufacturing and services activity data as well as the all-important nonfarm payrolls report, due this week.

The benchmark DAX fell 1.1 percent to 23,779 after climbing 0.6 percent on Monday.

DEUTZ shares surged nearly 6 percent. The engine manufacturer has agreed to acquire the Sobek Group, a specialist in drone propulsion systems.

Chemical company BASF was moving lower after it has extended a long-term supply contract for cathode active materials produced at its Schwarzheide facility.