DAX Holds Steady After Selloff
(RTTNews) - German stocks held steady on Tuesday, after having suffered heavy losses in the previous session on concerns about the worsening energy crisis in Europe and a looming recession.
German factory orders fell 1.1 percent sequentially in July, reflecting weakening demand for goods in a context of rising input costs and high energy prices, data showed earlier today.
Meanwhile, Reuters quoted Russia's Gazprom as saying that the Russian natural gas Nord Stream 1 pipeline to Germany will not resume shipments until Siemens Energy repairs faulty equipment.
Siemens Energy gained 1.5 percent after denying the report. The company said it had not been asked to do the job.
The benchmark DAX was up 0.1 percent at 12,778 after tumbling 2.2 percent in the previous session.
Volkswagen added 2 percent. The automaker said it would pursue an initial public offering of the preferred shares of sports car brand Porsche AG and list them in Frankfurt at the end of September or beginning of October 2022.
Airline Lufthansa edged up slightly despite reports of another strike by pilots this week.
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European Stocks Close Weak
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U.S. Economy Surges More Than Previously Estimated In Q2
