DAX Slips Into Red After Inflation Data
(RTTNews) - German stocks slipped into the red on Wednesday after data showed German consumer inflation fell in April on easing food prices, but core inflation stayed high.
Finalized data showed German annual inflation rate softened from 7.4 percent to 7.2 percent in April, unchanged from the prelim figure. The harmonized index of consumer prices rose by 7.6 percent year-on-year.
The benchmark DAX was down 41 points, or 0.3 percent, at 15,914 after finishing marginally higher the previous day.
Banks traded higher, with Commerzbank and Deutsche Bank rising 1.6 percent and 1 percent, respectively.
Siemens Healthineers plunged nearly 6 percent after the medical device maker posted a 30 percent fall in Q2 operating profit and said it was discontinuing its heart surgery robot business.
Biotech firm Evotec jumped 13.7 percent after entering into a partnership with Novartis unit Sandoz.
Tyre maker Continental AG rallied 3 percent after posting strong first-quarter results and backing its full-year outlook.
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