DAX Down Nearly 0.9% As U.S. Debt Concerns Weigh

(RTTNews) - German stocks are down in negative territory on Thursday, weighed down by concerns about U.S. debt, mixed economic data, and uncertainty surrounding tariffs.

A sell-off in U.S. Treasuries amid deficit fears due to stalled budget bill negotiations hurts as well.

The benchmark DAX was down 208.06 points or 0.86% at 23,909.63 a little while ago.

Porsche is declining more than 5%. Puma is down 2.7% and Merck is down 2.6%%, while Sartorius and Brenntag are lower by 2.3% and 2.1%, respectively.

Deutsche Bank, Siemens, Heidelberg Materials, Daimler Truck Holding, Zalando, Deutsche Post, Infineon Technologies, Porsche Automobil Holding, Volkswagen, Henkel, RWE and Mercedes-Benz are down 1 to 1.7%.

Bayer is up 1.85%. Siemens Energy is gaining 1.1%, while Symrise is advancing 0.53%.

A closely watched survey showed that German business confidence strengthened in May as companies became less concerned about uncertainties regarding trade tariffs.

The business climate index rose to 87.5 in May from 86.9 in the previous month. The score was forecast to rise to 87.4.

The current situation index dropped to 86.1 from 86.4 in April, while it was forecast to rise to 86.8. By contrast, the expectations index advanced more-than-expected to 88.9 in May from 87.4 in the prior month. The reading was seen at 88.0.

Data from S&P Global said the HCOB composite PMI for Germany fell to a five-month low of 48.6 in May from 50.1 in April. The reading indicated that the private sector returned to contraction, following modest expansions over the previous four months.

The services Purchasing Managers' Index hit a 30-month low of 47.2 in May, down from 49.0 in the previous month. At 48.8, the manufacturing PMI reached a 33-month high and up from 48.4 a month ago.

Flash data showed the Eurozone HCOB Composite PMI dropped to 49.5 in May, from 50.4 in April. The Manufacturing PMI improved to 49.4 from 49.0, while the Services PMI dropped to 48.9 from 50.1.