DAX Drops On Weak PMI Data
(RTTNews) - German stocks declined on Friday, as concerns about the banking crisis persisted and a survey showed manufacturing activity in the country continued to worsen in March.
The manufacturing PMI dropped to 44.4 versus 47.0 expected, according to a preliminary manufacturing activity report from S&P Global/BME Research.
The benchmark DAX was down 116 points, or 0.8 percent, at 15,094 after finishing marginally lower in the previous session.
Deutsche Bank slumped 6 percent to extend declines for a third day after a jump in default insurance costs. Peer Commerzbank tumbled 3.2 percent. TUI Group plummeted 7 percent after the travel group launched a €1.8 billion ($2 billion) capital increase to repay pandemic state aid and strengthen its balance sheet.
Real estate group Deutsche Wohnen fell more than 2 percent after it reported a loss for fiscal 2022 of 445.7 million euros compared to profit of 919.0 million euros, prior year.
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