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DAX Drifts Lower As Trade Doubts Resurface

German stocks were moving lower on Friday as doubts began to emerge as to whether the United States and China are really getting close to signing the 'phase one' trade deal.

The benchmark DAX was down 38 points, or 0.28 percent, at 13,251 after climbing 0.8 percent the previous day.

Tariff-sensitive automakers were losing ground, with Volkswagen down 1 percent and Daimler declining 0.6 percent.

Vonovia gained around 1 percent after the residential property company announced a mandatory cash offer to the shareholders of Hembla AB.

Insurance and asset management company Allianz lost over 1 percent after posting muted growth in third-quarter profit.

Hospital operator Rhoen Klinkikum added 0.7 percent after confirming its 2019 guidance.

In economic news, Germany's exports rebounded at a faster-than-expected pace in September, despite signs of mild recession, data from Destatis revealed.

Exports grew 1.5 percent month-on-month, in contrast to August's 0.9 percent fall. Shipments were forecast to grow only 0.3 percent.

Imports growth accelerated to 1.3 percent from 0.1 percent a month ago, while economists had forecast stagnation.

Consequently, the trade surplus increased to a seasonally adjusted EUR 19.2 billion from EUR 18.7 billion in the previous month.

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