FRANKFURT (dpa-AFX) – The German stock market came under some pressure on Tuesday following mixed German economic data. Second- and third-tier stocks recorded heavier losses. The Dax closed down 0.33 percent at 20,246.37 points after reaching a record high on Friday. The MDax ultimately fell by 0.94 percent to 25,939.89 points on Tuesday.
The market is consolidating after the record rally of the past two weeks, noted analyst Konstantin Oldenburger from CMC Markets. New momentum could emerge on Wednesday after the last US Federal Reserve meeting of the year. “The market is expecting a rate cut of 25 basis points, anything else would be a big surprise,” said Oldenburger.
The Ifo and ZEW indices, two key economic barometers for Germany, were published in the morning. The Ifo business climate fell to its lowest level since May 2020, while the ZEW economic expectations brightened surprisingly.
Thomas Gitzel, Chief…
