DAX Drops As Rate Hike Looms

The German DAX index has slipped 0.69 percent in Friday's trade as a sea of red descended on global equity markets bracing for the Fed's rate hikes, as early as March. The comments by Fed officials that the sky-rocketing inflation warranted interest rate hikes appear to have fueled risk aversion in stock markets across the globe.

The forty-scrip index is currently trading at 15,921.55. The day's trading has been within the range of 15885.84 and 15974.02.

At current levels, the DAX is 2.26 percent lower than the 52-week high of 16289.00.

Volkswagen, Fresenius Medical Care, E.ON, Fresenius and MTU Aero Engines have gained more than 1 percent.

HelloFresh has declined by 5.44 percent. Delivery Hero and Sartorius have both declined more than 4 percent.

Zalando, Siemens, Symrise and PUMA have dropped more than 2 percent.

BASF is the most active scrip. The scrip has gained around 0.55 percent.

The EURUSD pair hovered around 1.1456, 0.02 percent higher than the closing level at Thursday, as the Dollar Index dropped to 94.78 from 94.79 on Thursday.

The ten-year bond yield has increased by 17 percent to -0.0720 versus -0.0870 percent on Thursday.

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