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DAX Edges Lower As Jobs Data Disappoints

German stocks were moving lower on Thursday after data showed German unemployment rose unexpectedly in April amid extended restrictions on shopping, travel and social life to contain a third wave of COVID-19 infections.

Jobless claims rose by 9,000 in April in seasonally adjusted terms, reflecting the negative impact of tightened pandemic restrictions on the labor market, the Federal Employment Agency said.

The Fed's dovish comments helped to limit the downside to some extent. The benchmark DAX dropped 34 points, or 0.2 percent, to 15,256 after ending 0.3 percent higher the previous day.

Automakers BMW, Daimler and Volkswagen fell 1-2 percent after Ford slashed its full-year forecast, citing a global semiconductor shortage.

Airline Lufthansa fell about 1 percent after booking a narrower net loss.

Chemicals giant BASF lost around 2 percent despite lifting its full-year profit outlook.

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