DAX Little Changed As Weak Data Stokes Growth Worries
(RTTNews) - German stocks were little changed on Friday after U.S. social media group Snap blamed tough macroeconomic conditions for bleak results and new survey results showed Germany's private sector activity deteriorated more-than-expected in July.
The flash composite output index dropped from 51.3 in June to a 25-month low of 48.0 in July, logging the worst performance for over two years amid weaker domestic and export demand, flash survey data from S&P Global showed. Both the services and manufacturing sectors registered declines in July.
The benchmark DAX was virtually unchanged at 13,254 after declining 0.3 percent the previous day.
Ceconomy shares plummeted 23 percent after the owner of retail chains Saturn and Media Markt slashed its outlook for full-year results.
MTU Aero Engines gained 1 percent. The engine maker has won contracts totaling almost $600 million at the Farnborough International Air Show.
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