DAX Edges Higher In Lackluster Trade
(RTTNews) - German stocks were modestly higher on Monday even as weak regional data added to worries about growth.
German retail sales suffered their sharpest annual fall in decades in June, reflecting the impact of the growing energy crisis on Europe's largest economy.
Retail sales fell an annual 8.8 percent in June adjusted for inflation and seasonal effects, while in month-on-month terms, they fell 1.6 percent, statistics office Destatis said.
Additionally, Germany's manufacturing sector contracted in July for the first time in over two years due to rising inflationary pressures and macroeconomic uncertainty, a survey showed.
The benchmark DAX was up 39 points, or 0.3 percent, at 13,523 after climbing 1.5 percent in the previous session.
Banks Commerzbank and Deutsche Bank were moving higher after HSBC Holdings delivered better-than-estimated profits.
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