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DAX Drifts Lower Amid China Worries

German stocks were moving lower on Wednesday as growth worries persisted and Italian bond yields rose again on fears of a possible downgrade of the country's debt by credit agencies amid a budget standoff with Brussels.

Investors also remained concerned about China's economic slowdown after U.S. President Donald Trump repeated a threat to impose tariffs on $267 billion worth of additional Chinese imports if Beijing retaliates for the recent levies and other measures.

The benchmark DAX was down 48 points or 0.40 percent at 11,929 in opening deals after gaining 0.3 percent the previous day.

Banks Commerzbank and Deutsche Bank were trading up more than 1 percent each.

Merck KGaA advanced 0.8 percent after presenting new data for Cladribine tablets at 34th Congress of the European Committee for Treatment and Research In Multiple Sclerosis in Berlin, Germany.

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