DAX Slips On Recession Fears, Banks Extend Declines
(RTTNews) - German stocks fell on Wednesday as weak U.S. data release overnight stoked recession fears.
Investors ignored survey results showing that German consumer sentiment is likely to pick up in May on the back of cooling energy prices and expected wage increases.
The forward-looking GfK institute's consumer sentiment index improved to -25.7 from the revised prior reading of -29.3.
The benchmark DAX was down 98 points, or 0.6 percent, at 1,773 after finishing marginally higher the previous day.
Banks extended losses from the previous session, with Commerzbank and Deutsche Bank falling 0.8 percent and 0.6 percent, respectively. PUMA tumbled 2.7 percent after the sportswear maker said it expects second-quarter sales to grow at a low- to mid-single-digit percentage rate.
Vonovia jumped 4.5 percent after the housing giant agreed to sell a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros ($1.10 billion).
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