DAX Slips As Economy Stagnates In The First Quarter
(RTTNews) - German stocks traded lower on Friday after data showed the economy stagnated in the first quarter of the year.
According to a first estimate, GDP flatlined unexpectedly, following a 0.5 percent quarter-on-quarter contraction in the fourth quarter of last year. On the year, GDP growth was down by 0.1 percent.
Another report showed German unemployment rose more than expected in April. The number of people out of work increased by 24,000 in seasonally adjusted terms to 2.567 million.
The benchmark DAX was down 61 points, or 0.4 percent, at 15,740 after finishing marginally higher in the previous session.
Lender Deutsche Bank fell over 1 percent after saying it would buy U.K. broker Numis Corp for about 410 million pounds.
Medical and safety technology group Dragerwerk gained 1 percent after delivering strong net sales growth and positive earnings in the first quarter of 2023.
Mercedes-Benz lost 2.3 percent. After reporting a 12 percent rise in Q1 net profit, the car maker said recent turbulence in the banking sector in the U.S. and Europe would weigh on its outlook.
Chemicals maker Covestro jumped nearly 4 percent after announcing it would resume current share buyback program.
U.S. Dollar Rises After Fed Rate Hike
U.S. Dollar Rises Against Majors
European Shares Seen Opening Up As Traders Shrug Off Fed Hike
Indian Shares Edge Higher In Cautious Trade
Australian Market Trims Early Gains In Mid-market
Asian Markets Trade Mostly Higher
Indian Shares Seen Little Changed At Open After Fed Rate Hike
