DAX Drifts Lower Despite Strong Industrial Output Data

(RTTNews) - German stocks are a bit weak Thursday morning Despite data showing an increase in the nation's industrial output in November, German stocks are a bit weak Thursday morning, weighed down by recent weak data on factory orders and retail sales, and concerns over potential tariff hikes by the U.S.

The benchmark DAX 30 is down 44.40 or 0.22% at 20,272.35

Munich RE and Porsche are down 2.2% and 2.1%, respectively. Deutsche Post, Zalando, Continental, BMW and Mercedes-Benz are down 1 to 2%.

E.ON, Brenntag, Infineon, Rheinmetall, RWE, Volkswagen, BASF, Allianz, Merck and Hannover Rueck are also weak.

Lufthansa, Hugo Boss and Kion Group are down 2 to 2.5%.

Among the gainers, Siemens Energy is up 2.2%. Commerzbank is up 1.6%, while Sartorius and Beiersdorf are advancing 1.3% and 1.1%, respectively. Fresenius, Deutsche Bank, Vonovia, Qiagen, Deutsche Telekom and Daimler Truck Holding are also up with notable gains.

TeamViewer, which ended with a hefty gain on Wednesday, is up 2.7% this morning. HelloFresh, Nordex and Puma are also notably higher.

Provisional data from Destatis said Germany's industrial output increased 1.5% on a monthly basis in November, in contrast to the revised 0.4% decrease in October. Output was expected to grow moderately by 0.5%. Industrial production was 2.8% lower than in November 2023, following a 4.2% drop in October.

Germany's exports logged a monthly growth of 2.1% after October's 2.9% decrease. Shipments were forecast to climb 2%. On the other hand, the decline in imports worsened to 3.3% from 0.3% in October. Economists had forecast imports to grow 0.7%.

Consequently, the trade surplus increased to EUR 19.7 billion in November from EUR 13.4 billion in October.

On a yearly basis, exports decreased by an unadjusted 6.5% after a 0.4% gain. Likewise, imports slid 5.2% following a 4.3% rise.