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DAX Slips As Banks Drag
(RTTNews) - German stocks declined on Tuesday after data showed China experienced a notable downturn in its trade figures in July.
Closer home, Germany's inflation eased as estimated in July but remained elevated on higher food and energy prices, final data from Destatis revealed.
The consumer price index rose 6.2 percent year-on-year, following a 6.4 percent increase in June. The statistical office confirmed the initial estimate published on July 28.
The benchmark DAX was down 61 points, or 0.4 percent, at 15,889 after ending marginally lower the previous day.
Lender Commerzbank fell nearly 4 percent and Deutsche Bank lost 2.4 percent after the Italian government approved a 40 percent windfall tax on lenders.
Automakers also traded lower, with Volkswagen falling nearly 1 percent on China growth concerns.
Drug and pesticide maker Bayer fell about 1 percent after reporting a net loss of 1.89 billion euros for the second quarter.
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