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DAX Drifts Lower After Weak Data Releases

German stocks fell on Tuesday as a raft of economic reports from China proved to be a mixed bag and domestic data from Destatis showed that German economic growth halved in the first quarter. GDP grew 0.3 percent sequentially, slower than the 0.6 percent expansion seen in the previous quarter.

The benchmark DAX was down 23 points or 0.18 percent at 12,955 in opening deals after declining 0.2 percent in the previous session.

Fraport shares declined half a percent. The owner and operator of Germany's Frankfurt Airport reported that FRA served some 5.7 million passengers in April 2018, representing an increase of 5.8 percent from the year-ago period.

Insurer Allianz also edged down slightly despite confirming its 2018 yearly targets.

Commerzbank rallied 3.5 percent. The lender backed its 2018 outlook after reporting higher net profit for its first quarter.

Technology and industrial conglomerate ThyssenKrupp slumped 4.4 percent after posting a surprise 23 million euro loss at its struggling Industrial Solutions business.

Utility RWE dropped 1.5 percent after its first-quarter net income decreased 34.5 percent, hit by lower margins and prices compared to last year.

Retailer Metro tumbled 3 percent. The company reported a second-quarter loss to shareholders of 52 million euros compared to profit of 41 million euros last year.

by RTTNews Staff Writer

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