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DAX Subdued As Trade Optimism Fades

German stocks were little changed in cautious trade on Wednesday after U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer said there was no agreement in place with China on further tariff reductions.

The United States and China are expected to sign a 'Phase One' trade deal later today. The deal will lead to China buying more American agricultural products, but does not tackle issues such as subsidies.

The benchmark DAX was down 14 points, or 0.11 percent, at 13,442 after finishing marginally higher the previous day.

Fraport AG shares fell 2.8 percent. The owner and operator of Germany's Frankfurt Airport reported that the FRA's passenger traffic in the month of December 2019 declined 1.2 percent year-on-year to 4.9 million passengers.

Food service company Metro AG edged up slightly after its total first-quarter sales increased 2.2 percent to 7.5 billion euros from last year's 7.4 billion euros, supported by positive currency effects.

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