DAX Slips As Germany Falls Into Recession
(RTTNews) - German stocks fell on Thursday after official data showed German economy entered a technical recession in the first quarter of this year.
GDP declined a seasonally and calendar adjusted 0.3 percent from the fourth quarter of last year as household consumption slumped amid the rising cost of living that is fuelled by high inflation, revised data from the statistical office Destatis showed.
"After growth entered negative territory at the end of 2022, the German economy has now recorded two consecutive negative quarters," Destatis President Ruth Brand said.
Two consecutive quarters of output contraction is defined as a technical recession.
On a year-on-year basis, GDP shrunk 0.2 percent, reversing a similar size growth from the previous three months.
The German DAX was down 64 points, or 0.4 percent, at 15,777 after plunging 1.9 percent in the previous session.
Deutsche Boerse shares fell about 1 percent. The company published the offer document pursuant to which the company makes an all-cash voluntary recommended public takeover offer to acquire all shares, excluding treasury shares, in SimCorp A/S at a price of 735.0 Danish kroner per share.
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