DAX Dips Ahead Of Big Earnings

(RTTNews) - German stocks traded lower on Thursday as a disappointing earnings report from Facebook parent Meta Platforms gave way to caution ahead of earnings results from some of biggest and most important growth and tech companies in the U.S.

Meanwhile, German consumer confidence is set to rise again in May, survey conducted by the market research group GfK and the Nuremberg Institute for Market Decisions (NIM) showed earlier today.

The forward-looking consumer sentiment index rose to -24.2 in May from revised -27.3 in April. The reading was expected to rise moderately to -25.9.

The score hit a two-year high, but it remained at an extremely low level, GfK said. Separately, survey data from the ifo institute showed that sentiment among Germany's exporters weakened in April after a strong rebound in the previous month amid sluggish demand,

The ifo Export Expectations fell to -2.0 points in April from -1.2 points in March. The benchmark DAX was down 94 points, or half a percent, at 17,994 after losing 0.3 percent in the previous session.

Deutsche Bank shares fell about 1 percent despite the lender posting better-than-expected profit growth in the first quarter amid an ongoing recovery in its investment banking unit.

Online takeaway food company Delivery Hero surged 6.7 percent after reporting strong Q1 results and raising its FY24 revenue outlook.

Food delivery company HelloFresh gained 1 percent after confirming its FY24 outlook.