DAX Edges Lower On Weak Data
(RTTNews) - German stocks edged lower on Friday after data showed retail sales fell more than expected in August and industrial production contracted, stoking recession worries.
German industrial output dropped 0.8 percent on a monthly basis in August after remaining flat in July as raw material shortages and supply chain bottlenecks continued to dampen the functioning of many industries, Destatis said. Production was forecast to ease 0.5 percent.
Retail sales also weakened in August signaling weak contribution to growth from household spending amid rising energy prices.
Another report revealed that retail sales eased 1.3 percent from July compared to the expected drop of 1.1 percent.
The benchmark DAX was down 31 points, or 0.3 percent, at 12,439 after closing 0.4 percent lower in the previous session.
Infineon Technologies fell over 1 percent on the back of weak earnings and forecasts from Samsung and Advanced Micro Devices.
Adidas lost 1 percent after the sporting goods maker said it was reviewing its relationship with rapper and fashion designer Kanye West.
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