German Stocks Decline as Oil Prices Rise | Business| Economy and finance news from a German perspective | DW | 01.06.2004
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German Stocks Decline as Oil Prices Rise

German stocks fell on Tuesday as oil prices gained, raising concern that higher energy costs may stifle economic growth, Bloomberg news agency reported. Carmakers Volkswagen and DaimlerChrysler led the decline, along with pharmaceutical giant Bayer. Volkswagen, Europe's largest automaker, fell 56 euro cents, or 1.6 percent, to €35.21 ($43). DaimlerChrysler, the world's fifth-largest carmaker, shed 46 euro cents, or 1.3 percent, to 36.20 euros. Bayer, Germany's second-biggest drugmaker, dropped 14 cents, or 0.6 percent, to 23.26 euros. Oil is a raw material used in many of Bayer's products.

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