DAX Slides As Banks Drag Amid Russian Turmoil
(RTTNews) - German stocks traded lower on Monday as investors reacted to signs of political instability in Russia and the latest German business sentiment reading for June.
The headline German IFO Business Climate Index fell to 88.5 in June from 91.5 in May (revised from 91.7) reflecting weakness in the manufacturing sector, according to data from the Ifo Institute. Analysts expected a score of 90.7.
The benchmark DAX was down 67 points, or 0.4 percent, at 15,762 after losing 1 percent on Friday.
The euro was seeing sideways movement after two consecutive sessions of declines. Automaker BMW dropped 1 percent, Mercedes-Benz shares fell 1.3 percent and Volkswagen was down half a percent.
Banks Commerzbank and Deutsche Bank were down 3.3 percent and 1.8 percent, respectively.
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