(RTTNews) - German stocks fell sharply on Monday in the wake of hawkish comments from ECB and Federal Reserve officials.
Bundesbank President Joachim Nagel told German newspaper Rheinischen Post that inflation in Germany could hit a 70-year high of 10 percent this fall as Russian natural-gas supplies slow.
A recession appears likely next winter but the European Central Bank should continue increasing rates to tame inflation, he added.
Elsewhere, Richmond Fed President Thomas Barkin said on Friday that the "urge" among central bankers was towards faster, front-loaded rate increases.
The benchmark DAX slumped 257 points, or 1.90 percent, to 13,287 after falling 1.1 percent on Friday.
Automakers led losses, with BMW and Volkswagen falling 3-4 percent.
Tech stocks also fell, with Infineon down nearly 2 percent.
Healthcare group Fresenius SE surged 6 percent on news that Chief Executive Officer Stephan Sturm will leave the company next month, and will be succeeded by Michael Sen, currently the CEO of subsidiary Fresenius Kabi.
Shares of its dialysis unit Fresenius Medical Care rose over 1 percent.
