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DAX Little Changed Amid Earnings Deluge

German stocks were little changed in cautious trade on Thursday as trade fears persisted and investors looked ahead to the European Central Bank's closely watched policy decision later in the day. No change in policy is expected, although the central bank may tweak its forward guidance.

The benchmark DAX was marginally lower at 12,244 in opening deals after rallying 1.1 percent the previous day.

Continental AG rose 0.8 percent after reporting a rise in FY17 profit, lifting dividend and backing its FY18 outlook.

Uniper dropped half a percent after posting a decline in full-year adjusted earnings, in line with the group's guidance.

Evotec shares soared 8 percent. The company has entered into exclusive negotiations with Sanofi to accelerate infectious disease research and development through a new open innovation platform.

Merck KgaA tumbled 3 percent. The chemicals and drugs maker reported a 6.5 percent fall in Q4 EBITDA earnings and said it expects a further decline 2018 on a currency adjusted basis.

Luxury fashion brand Hugo Boss slumped 4.4 percent and media holding company Axel Springer fell as much as 10 percent after unveiling their fiscal 2017 results.

On the data front, German factory orders declined more than expected in January, figures from Destatis revealed.

New orders in manufacturing dropped 3.9 percent month-on-month in January, reversing a revised 3 percent rise in December. Orders were forecast to fall moderately by 1.8 percent.

by RTTNews Staff Writer

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