Plus   Neg

DAX Slips Into Red As Growth Concerns Resurface

German stocks fell slightly on Wednesday as Chinese economic data surprised to the downside in July and a report showed German economy contracted in the second quarter as weaker global growth and trade wars dampened foreign demand for goods produced in the largest euro area economy.

The benchmark DAX was down 22 points or 0.18 percent at 11,727, with a temporary U.S.-China tariff truce helping limit the downside.

Leoni shares rose nearly 2 percent despite the Cable and harnessing manufacturing firm slipping into loss in the second quarter.

Wind turbine maker Nordex Group jumped more than 10 percent after confirming guidance.

After a weaker first half of 2019, the company expects a significant rise in activity levels with considerably higher sales in the second half of the year.

Drug discovery and development company Evotec rose half a percent and utility RWE advanced 1.8 percent after unveiling their first-half results.

Bilfinger tumbled 4 percent. The engineering and industrial services provider slipped to loss in the second quarter, versus net profit of 11 million euros in the prior year.

In economic releases, German GDP shrank 0.1 percent sequentially in the second quarter, almost entirely reversing the first quarter's 0.4 percent expansion, data from Destatis showed. This was the first fall in three quarters and matched economists' expectations.

After calendar adjustments, GDP gained 0.4 percent year-on-year, but slower than the 0.9 percent growth registered in the first quarter.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT