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DAX Drops As Inflation Worries Mount

German stocks edged lower on Thursday as inflation worries persisted and investors awaited a speech by U.S. Federal Reserve Chairman Jerome Powell for directional cues.

The benchmark DAX dropped 37 points, or 0.3 percent, to 14,042 after rising 0.3 percent in the previous session.

Travel-related stocks were moving lower, with Lufthansa losing 1 percent after the airline posted record losses for 2020. Travel agency firm TUI AG fell over 2 percent.

Energy generation and energy trading company Uniper SE rose 1.2 percent. The company closed the financial year 2020 with EBIT at upper range of guidance.

Automotive and industrial supplier Schaeffler rose half a percent after saying it expects revenue to grow by more than 7 percent at constant currency in 2021.

German construction activity contracted sharply in February as severe bad weather caused widespread disruption to work on sites, survey results from IHS Markit showed earlier today. The construction Purchasing Managers' Index fell to 41.0 from 46.6 in January.

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