DAX Drifts Lower As Business Activity Contracts In July
2024-07-24
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(fxcue news) - German stocks fell on Wednesday as a survey showed business activity in the country stumbled in July after three months of growth.
The HCOB German flash composite Purchasing Managers' Index (PMI), compiled by S&P Global, fell sharply to 48.7 from 50.4 in June.
A separate survey published jointly by GfK and the Nuremberg Institute for Market Decisions revealed that German consumer confidence is set to improve moderately in August on improving income prospects and willingness to buy.
The consumer confidence index improved to -18.4 in August from revised -21.6 in July.
The benchmark DAX dipped 181 points, or 1 percent, to 18,376 after climbing 0.8 percent in the previous session.
In corporate news, Rheinmetall AG shares jumped 2.6 percent. The automotive and arms maker reported significantly higher sales and operating result in the second quarter, beating market expectations.
Fund company DWS Group, which belongs to Deutsche Bank, added 1.5 percent after raising its annual targets slightly.
Deutsche Bank slumped nearly 7 percent after the lender reported its first quarterly loss in four years.
Kontron, an IoT technology company, rose about 1 percent after securing a new order from Hanwha Phasor.
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