DAX Declines As Factory Orders Slump
(RTTNews) - German stocks declined on Thursday after data showed Germany's factory orders declined sharply in January.
New orders in manufacturing posted a monthly decline of 11.3 percent, in contrast to the 12.0 percent increase in December. Economists had forecast a 6.0 percent fall.
Destatis said the sharp decline in January was due to the high volume of large orders in December 2023. On a yearly basis, new orders decreased 6.0 percent, reversing December's 6.6 percent rise.
The benchmark DAX was down 61 points, or 0.3 percent, at 17,655 after closing up 0.1 percent the previous day.
Hugo Boss plummeted 18 percent after the fashion house said it expects 2024 operating profit below market expectations.
Airline Lufthansa dropped 1.4 percent after giving a subdued outlook for 2024.
Tyre maker Continental AG lost 3 percent after reporting FY operating result below expectations.
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