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DAX Holds Steady After Selloff

German stocks held steady on Thursday after steep losses in the previous session on growing fears of a recession.

Investors are pinning hopes that global central banks will try to boost the fragile global economic growth with monetary stimulus if the U.S.-China trade war escalates.

The benchmark DAX held largely unchanged at 11,492 after tumbling 2.2 percent the previous day.

Commerzbank was up 0.4 percent while Deutsche Bank fell 1.5 percent as euro area government bond yields went further into negative territory.

United Internet slumped 8.5 percent as the Internet services company cut its FY sales outlook, citing weaker sales in the hardware business.

Likewise, telecom firm Drillisch plunged over 7 percent after cutting its profit outlook.

Chemical company K+S Group jumped 3 percent after reporting a rise in its second-quarter earnings before interest, taxes, depreciation and amortization.

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