DAX Holds Steady In Lackluster Trade

RTTNews | 957 days ago
DAX Holds Steady In Lackluster Trade

(RTTNews) - German stocks were little changed on Wednesday as investors awaited a slew of U.S. economic data and more earnings this week for directional cues.

German Chancellor Olaf Scholz said in an interview with Bloomberg TV that he was convinced Europe's largest economy would not fall into a recession, despite soaring energy and food prices.

The benchmark DAX was marginally lower at 15,176 after rising 0.4 percent in the previous session.

BASF edged down slightly after warning that 2022 earnings from its chemicals business will fall below the average estimate from analysts.

Automakers BMW, Mercedes Benz and Volkswagen were trading mixed after industry data showed European passenger car registrations climbed for the fifth month in a row in December, but at a slower pace than in November.

Continental AG lost nearly 4 percent. The car parts manufacturer cut its adjusted free cash flow expectations for 2022, citing further customer payment delays.

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