DAX Advances In Cautious Trade
(RTTNews) - After a weak start and a subsequent recovery that briefly lifted it slightly above the flat line, the German stock market retreated and slipped into negative territory Wednesday morning amid cautious moves by investors due to a lack of progress in Ukraine peace talks and a disappoint earnings update from Netflix.
The benchmark DAX was down 74.84 points or 0.31% at 24,273.94 a little while ago.
Infineon Technologies is down more than 3%, after Texas Instruments came out with a disappointing earnings update.
Mercedes-Benz is down 2.4%. Adidas is lower by about 2.25% despite reporting strong third-quarter results and raising its annual operating profit outlook. The stock is weighed down by JP Morgan lowering its price target slightly.
Volkswagen, BMW, Brenntag and Deutsche Post are down 1.3 to 1.7%. SAP, Beiersdorf, Merck, Bayer, Allianz, Deutsche Bank and BASF are down 0.6 to 1%.
Rheinmetall is gaining about 2.5%, extending recent rise. The stock moved up sharply earlier in the week after the group's joint venture received an order worth $4 billion, indicating growing demand for defense products in Europe.
RWE, Scout24 and Siemens Healthineers are up 0.7 to 1%, while Siemens Energy, Vonovia and E.ON are up with modest gains.
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