DAX Edges Higher In Lackluster Trade; BASF Shares Tumble
(RTTNews) - German stocks edged up slightly on Friday as data showed Germany's consumer sentiment is set to strengthen for the fifth month in a row in March amid lower energy prices.
The forward-looking Consumer Confidence Index for March rose to -30.5 points from a revised -33.8 points in February, the Nuremberg based GfK said. Economists had forecast a reading of -30.4.
However, separate data released by the statistical office Destatis revealed that the German economy shrank more than initially estimated in the fourth quarter of 2022.
Gross domestic product decreased 0.4 percent quarter-on-quarter, which was a more severe fall than the 0.2 percent estimated initially.
The benchmark DAX was up 30 points, or 0.2 percent, at 15,504 after rising half a percent in the previous session.
Chemical maker BASF slumped 4.4 percent after it slipped to a loss in the fourth quarter of 2022 and announced plans to sack 2,600 employees, around 2 percent of its workforce.
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