DAX Down Nearly 1% On Valuations Concerns, Soft PMI Data

RTTNews | 4日前

(RTTNews) - After snapping a five-day losing streak in the previous session thanks to strong earnings and guidance from U.S. chipmaker Nvidia, the German market is down firmly in negative territory on Friday, amid fresh concerns over valuations, uncertainty about Fed interest rates, and data showing a moderation in German servics and manufacturing sectors activity.

The benchmark DAX, which tumbled to 22,942.13 earlier in the session, was down 204.83 points or 0.88% at 23,103.63 a little while ago.

Siemens Energy is plunging 8.8%, turning weak after previous session's sharp upmove. Rheinmetall is down nearly 6.5%, while Infineon Technologies and Heidelberg Materials are down 4% and 3.3%, respectively.

Zalando, RWE, Deutsche Bank, Commerzbank and Siemens are down 1.6 to 2.7%. GEA Group and Fresenius are down with moderate losses.

Meanwhile, Deutsche Bank and Symrise are gaining 2.85% and 2.5%, respectively. Deutsche Telekom, Beiersdorf, Henkel, Qiagen and BASF are up 1 to 2%.

Flash purchasing managers' survey results from S&P Global showed Germany's private sector growth softened in November with slower increases in both services and manufacturing.

The composite output index slid more-than-expected to 52.1 in November from a 29-month high of 53.9 a month ago. The result reflected slower rates of growth in both manufacturing and services.

The survey showed that factory production logged its weakest growth since July. Similarly, services activity growth slowed in November.

The services Purchasing Managers' Index logged 52.7 in November, down from 54.6 in the previous month. The expected score was 54.0.

The manufacturing PMI hit a six-month low of 48.4 in November compared to 49.6 a month ago. The score was forecast to rise to 49.8.

"These figures are a major setback for Germany," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.

"Overall, the German economy is limping towards marginal growth at best in the fourth quarter" he added.

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