DAX Down Firmly In Negative Territory
(RTTNews) - German stocks are down in negative territory on Friday, extending recent losses, amid concerns about the outlook for economic growth as the U.S. is set to levy reciprocal tariffs from early March.
The focus is also on a vote by Germany's upper house on the debt brake amendment.
The benchmark DAX, which tumbled to 22,732.32 earlier in the session, was down 129.45 points or 0.56% 22,883.68 a little while ago.
Zalando, Infineon, Rheinmetall and Beiersdorf are declining 3 to 4.5%. Sartorius, Deutsche Post, Continental, Siemens, MTU Aero, Symrise, BASF, Daimler Truck Holding and Volkswagen are lower by 1 to 2.7%.
Shares of perfume and cosmetics retailer Douglas AG are plunging more than 19% after the company lowered its FY2024/25 guidance due to a decline in consumer sentiment.
Siemens Energy is rising 1.1%. Deutsche Telekom is up nearly 1%, while Adidas, Fresenius and Brenntag are up with modest gains.
On the economic front, the euro area current account surplus declined in January as the surplus on services trade weakened, data from the European Central Bank revealed.
The current account surplus fell to EUR 35 billion from EUR 38 billion in December. The decline was largely driven by the fall in surplus on services trade to EUR 12 billion from EUR 18 billion. The surplus on primary income halved to EUR 2 billion from EUR 4 billion.
At the same time, the deficit on secondary income narrowed to EUR 14 billion from 17 billion.
On the other hand, the goods trade surplus rose to EUR 35 billion from EUR 33 billion.
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