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DAX Drifts Lower On Global Growth Worries

German stocks moved lower on Tuesday after the IMF once again cut its global growth forecasts, citing the threat of a trade war, stalled Brexit talks and slowing Chinese growth.

The benchmark DAX was down 23 points or 0.21 percent at 11,112 in opening deals after losing 0.6 percent the previous day.

Banks paced the declines, with Commerzbank losing 2.3 percent and Deutsche Bank declining 3.2 percent.

Automakers BMW, Daimler and Volkswagen were down around half a percent.

Markets elsewhere across Asia closed mostly lower today on global growth worries while U.S. stock futures indicate a lower open as traders return to their desks after a long holiday weekend.

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