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DAX Extends Losses On Growth Worries
(RTTNews) - German stocks fell on Friday to extend losses from the previous session as investors fretted over slowing growth and hawkish central banks.
A survey showed earlier today that the downturn in German business activity deepened in September as a result of higher energy costs.
S&P Global's flash composite Purchasing Managers' Index (PMI), which tracks both the manufacturing and services sectors, dropped to 45.9 in September from a final reading of 46.9 in August.
The benchmark DAX was down 75 points, or 0.6 percent, at 12,456 after losing 1.8 percent the previous day.
Banks led losses, with Commerzbank and Deutsche Bank falling 1-2 percent after reports that Swiss bank Credit Suisse is sounding out investors for fresh cash.
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Japanese Market Slightly Lower
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Australian Market Slightly Higher
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