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DAX Drifts Lower On Rate Worries

(RTTNews) - German stocks retreated on Thursday despite encouraging news from Italy, with the coalition government setting a commitment to reduce its budget deficit targets in 2020 and 2021.

The benchmark DAX was down 39 points or 0.31 percent at 12,249 in opening deals as traders returned to their desks after a holiday on Wednesday.

The dollar held at a six-week high as upbeat U.S. economic data increased the likelihood of further rate hikes from the Federal Reserve.

Lender Commerzbank jumped nearly 2 percent and Deutsche Bank added 1 percent as German 10-year bond yields hit a 4-1/2 month high.

In economic releases, Germany's construction sector saw a loss of growth momentum in September, data from IHS Markit revealed.

The construction Purchasing Managers' Index came in at 50.2 in September, down from 51.5 in August. A score above 50 indicates expansion.
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