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DAX Slides On Rate Hike Worries

(RTTNews) - German stocks edged lower on Friday, with sentiment hit by central banks tightening monetary policy to fight inflation.

The European Central Bank further cut its bond purchases on Thursday after the Federal Reserve signaled plans to tighten rates in 2022.

The Bank of England unexpectedly lifted interest rates to 0.25 percent from a record-low 0.10 percent, while the Bank of Japan dialed back emergency pandemic-funding.

Meanwhile, German producer prices rose at the fastest pace in seven decades in November, mainly driven by higher energy prices, preliminary data from Destatis showed earlier today.

The producer price index rose 19.2 percent year-on-year after an 18.4 percent increase in October. The latest increase in producer prices was the biggest since November 1951, when they surged 20.6 percent.
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