June 23, 2021

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DAX Falls On Growth Concerns

1 min read

German stocks opened lower on Friday as a new round of coronavirus lockdowns across Europe fanned concerns that economic growth will weaken once again.

The benchmark DAX dropped 35 points, or 0.3 percent, to 11,562 after rising 0.3 percent in the previous session.

Apple supplier Dialog Semiconductor was down about half a percent and Infineon Technologies edged down slightly after Apple reported its lowest revenue in China since 2014 and didn’t offer investors any guidance for the quarter ending in December due to uncertainty around the coronavirus pandemic.

Continental AG was little changed. The automotive parts manufacturing company announced that its CEO Elmar Degenhart is stepping down for reasons of immediately necessary preventive health care, effective November 30, 2020.

Tour operator TUI AG rose about 1 percent. The company has confirmed the signing of a further sale and leaseback or SLB agreement with BOC Aviation Limited for two new Boeing 737 MAX-8 aircraft.

In economic releases, German retail sales declined more than expected in September, data from Destatis revealed.

Retail sales fell by real 2.2 percent month-on-month, in contrast to a 1.8 percent rise in August. Economists had forecast a monthly decrease of 0.8 percent.

Year-on-year, growth in retail sales more than doubled to 6.5 percent from 3 percent a month ago. Sales were forecast to climb 6.6 percent.

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2020-10-30 04:59:35

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