📰 German stocks close lower; DAX 40 down 1.05% on inflation, interest rate concerns

German stocks fell on Friday as investor sentiment was hit by lingering inflation concerns and the possibility that the European Central Bank (ECB) will keep interest rates high for longer than expected.

The DAX 40 closed down 1.05% in Frankfurt, marking its biggest one-day decline of the week.

📉 Losers dominate
The best performers of the session included:

Siemens Energy AG (ETR:ENR), up 2.10% or 0.33 points to trade at €16.07.

Zalando SE (ETR:ZAL) rose 1.58% or 0.30 points to €19.25.

Deutsche Telekom AG (ETR:DTEGn) rose 0.74% or 0.14 points to EUR 18.96.

Meanwhile, the worst performers were:

BASF SE (ETR:BASFN), down 3.44% or 1.60 points to EUR 44.90.

Continental AG (ETR:CONG) fell 3.10% to close at EUR 58.40.

Bayer AG (ETR:BAYGN) fell 2.85% to EUR 28.70, near a three-year low.

Decliners outnumbered gainers by a margin of 420 to 295 gainers and 85 to 0.85 on the Frankfurt Stock Exchange.

💹 Commodities and Currencies
WTI crude for July delivery rose 0.51% to $74.22 a barrel.

Brent crude for July delivery rose 0.48% to $78.90 a barrel.

Gold for June delivery rose 2.10%, or $45.20, to $2,200.10 an ounce, as investors turned to safe-haven assets.

In the currency markets:

EUR/USD edged down 0.28% to 1.0825.

USD/CHF rose 0.35% to 0.9055.

The US Dollar Index (DXY) rose 0.42% to 101.25.

📊 Should You Buy Siemens Energy Now?
Before investing in Siemens Energy (ENR), investors should consider the following: Investing.com’s AI-powered stock-picking tool, ProPicks AI, has just updated its list of stocks with the potential to generate high returns during volatile market times. With over 150,000 subscribers, ProPicks AI’s investment models have proven effective in identifying “gems in the rough” in the market.

Is ENR on the list of stocks to own this summer? Long-term investors will definitely want to know the answer.