DAX Slips On Hawkish Fed

(RTTNews) - German stocks traded lower on Friday after Federal Reserve Chair Jerome Powell said the U.S. central bank might raise rates again if deemed appropriate.

A jump in U.S. bond yields following a weak Treasury auction also dented rate cut hopes. The benchmark DAX was down 70 points, or half a percent, at 15,282 after rising 0.8 percent in the previous session.

IT company Bechtle plunged 5.6 percent despite reporting higher earnings and revenue for the third quarter.

Insurer Allianz jumped more than 3 percent after confirming its 2023 operating profit target.

United Internet AG shares rose about 1 percent. The telecom firm has revised up its EBITDA outlook for the full year while reiterating sales guidance.