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German stocks fell sharply on Friday as Federal Reserve Chair Jerome Powell’s remarks failed to soothe investor worries about higher inflation and borrowing costs. <\/p>\n
Investors ignored data from Destatis showing that German factory orders grew more than expected in January, driven by foreign demand.<\/p>\n
Factory orders expanded 1.4 percent month-on-month in January, reversing a revised 2.2 percent fall in the previous month. Orders were forecast to climb 0.7 percent. <\/p>\n
Domestic orders dropped 2.6 percent, while foreign demand grew 4.2 percent in January. On a yearly basis, factory orders growth slowed to 2.5 percent from 6.1 percent in the prior month.<\/p>\n
The benchmark DAX dropped 143 points, or 1 percent, to 13,913 after closing 0.2 percent lower the previous day. <\/p>\n
Lender Commerzbank fell 1.5 percent while Deutsche Bank was up 0.7 percent. <\/p>\n
Automakers BMW, Daimler and Volkswagen all fell around 1 percent. <\/p>\n
Nordex Group declined 1 percent after its earnings before interest, taxes, depreciation and amortization (EBITDA) fell over 24 percent in 2020. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div><\/div>\n