DAX Dips Ahead Of Key Inflation, GDP Data

(RTTNews) - German stocks fell slightly on Tuesday ahead of key euro zone inflation and GDP data due later in the day.

Meanwhile, the German economy avoided recession in the first quarter, preliminary data from Destatis showed earlier today.

Gross domestic product grew more-than-expected 0.2 percent sequentially in the first quarter, in contrast to the revised 0.5 percent decrease in the preceding period. GDP was expected to grow marginally by 0.1 percent.

The benchmark DAX was down 69 points, or 0.4 percent, at 18,048 after declining 0.2 percent in the previous session.

Vonovia surged 5.2 percent. The real estate group confirmed its full-year outlook despite a drop in earnings.

Volkswagen dropped 2 percent. The automaker said its operating profit dropped by 20 percent in the first quarter of 2024 compared to the corresponding period last year.

Mercedes-Benz tumbled 3.4 percent as the luxury carmaker reported a 30 percent annual fall in first-quarter earnings before interest and tax.

Sportswear giant Adidas fell about 1 percent after backing its recently upgraded FY24 outlook.