logo
Plus   Neg
Share
Email

DAX Little Changed As Daimler Cuts Profit Outlook Again

German stocks were subdued on Friday after luxury carmaker Daimler warned of a second-quarter loss and data showed China's trade surplus with the U.S. widened in June.

China's exports fell 1.3 percent on a yearly basis in June, slightly slower than the 1.4 percent drop economists had forecast. At the same time, imports slid 7.3 percent annually versus the expected fall of 4.6 percent in June.

As a result, the trade surplus increased to $50.98 billion, which was bigger than the forecast of $45 billion.

Closer home, Germany's wholesale price inflation eased to the lowest since late 2016 in June, data from Destatis revealed.

Wholesale prices increased 0.3 percent on a yearly basis in June, slower than the 1.6 percent rise seen in May. This was the lowest since October 2016, when the rate was 0.2 percent.

The benchmark DAX was down 8 points at 12,324 in opening deals after declining 0.3 percent the previous day.

Daimler fell over 1 percent as the maker of Mercedes-Benz slashed its 2019 profit forecast for the second time in a few weeks. BMW was little changed while Volkswagen climbed 1.2 percent.

Digital publishing house Axel Springer edged up slightly after its supervisory and executive boards recommended shareholders to accept 63.00 euros per share buyout offer from Global investment firm Kohlberg Kravis Roberts.

Fraport rose 0.2 percent. The owner and operator of Germany's Frankfurt Airport said that Frankfurt Airport has served almost 6.6 million passengers in June, up 3.4 percent from last year.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT
>