DAX Drops On Growth, Inflation Concerns
(RTTNews) - German stocks edged lower on Tuesday as weak data from China and the euro area revived concerns about slowing growth.
China's services activity expanded at the slowest pace in eight months in August, a private-sector survey showed earlier today.
Business activity in the euro zone weakened further in August as the economic downturn extended from manufacturing to the services sector.
HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global, dropped to 46.7 in August from July's 48.6, marking the lowest level since November 2020.
Separately, an ECB survey showed consumer expectations for euro zone inflation three years ahead rose to 2.4 percent in July from 2.3 percent in June, above the ECB's 2 percent target.
The benchmark DAX was down 94 points, or 0.6 percent, at 15,731 after edging down marginally in the previous session.
Commerzbank slumped 4.3 percent after Barclays cut its rating on the lender's stock to "underweight".
Wind turbine manufacturer Nordex edged up marginally after getting new orders from Germany.
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