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DAX Dips On Disappointing Economic Data
(RTTNews) - German stocks were moving lower on Tuesday on the back of disappointing economic data releases.
German retail sales plunged 6.4 percent in December from last year, much sharper than economists' forecast of -1.8 percent, data published by Destatis showed suggesting weak consumer spending even during the Christmas season.
On a monthly basis, retail turnover decreased 5.3 percent, in contrast to the 1.9 percent increase in November and the 0.2 percent rise economists had forecast.
Separate data showed import prices logged a double-digit annual growth of 12.6 percent in December, slower than the 14.5 percent surge in November. Economists had forecast inflation to ease to 12.0 percent.
The benchmark DAX was down 76 points, or half a percent, at 15,041 after closing 0.2 percent lower on Monday.
Leoni AG shares were down about 1 percent. The cable and harnessing maker said that its Chief Executive Officer, Aldo Kamper, will be leaving the company effective 31 March 2023.
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