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DAX Drifts Lower Ahead Of Bank Of England Rate Decision

German stocks opened lower on Thursday as investors exercised some caution after sharp gains in the previous session and ahead of the Bank of England's monetary policy decision, due later in the day.

The benchmark DAX was down 88 points or 0.71 percent at 12,501 in opening deals after rising 1.6 percent the previous day.

Commerzbank shares rallied 1.8 percent. The lender aims to reinstate a dividend in 2018 after reporting better-than-expect revenue and profit for the fourth quarter.

Bayer slid half a percent after Brazilian antitrust agency approved Bayer's proposed takeover of Monsanto.

Airline Lufthansa dropped 1.5 percent after commencing a rebranding exercise.

On the data front, German exports rose 0.3 percent month-on-month in December, slower than the 4.1 percent increase seen in November, official data showed. Shipments were expected to fall 1 percent. Monthly growth in imports eased to 1.4 percent from 2.2 percent in November.

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