DAX Declines On Thursday As Tech Slide Deepens

(RTTNews) - The DAX benchmark that tracks the performance of the 40 largest companies listed on the Frankfurt Stock Exchange declined on Thursday amidst worries over artificial intelligence and fears of rising interest rates.

The DAX benchmark has slipped 0.37 percent overnight to trade at 25,204.97, versus 25,298.61 at the previous close. The day's trading ranged between a high of 25,311 and a low of 25,134.

In the 40-scrip index, only 13 scrips are trading in the overnight negative territory. Scout24 topped with gains of 4.3 percent. Deutsche Telekom gained close to 3 percent. Fresenius Medical Care and Rheinmetall, both added more than 2 percent.

Infineon Technologies led losses with a drop of 8.2 percent. Siemens Energy slipped more than 6.3 percent. Siemens followed with a decline of 2.4 percent.

Amidst comments from Fed officials that hinted at the headroom available to the Fed to take stock of economic data before taking further action on interest rates, the U.S. dollar has plunged heavily. The six-currency Dollar Index has dropped 0.52 percent overnight and is currently trading at 102.02, after ranging between 101.94 and 102.19. The index had closed at 102.55 on Wednesday.

In tandem, the EUR/USD pair has jumped 0.65 percent to 1.1226 after ranging between 1.1241 and 1.1151. The EUR/GBP pair is trading 0.01 percent higher at 0.8457. Meanwhile, the EUR/JPY pair has rallied 0.20 percent and is currently trading at 177.03.

Ten-year German bond yields have decreased, aligning with the trend in much of Europe. Yields are currently at 3.3867 percent, plunging 2.29 percent overnight from 3.4662 at the previous close. Yields ranged between 3.4702 percent and 3.3801 percent in the day's trading.

Data released on Thursday showed Industrial Production in the Euro Area decreasing 0.50 percent in August versus the previous month.