DAX Slumps On Concerns Over US Economy
(RTTNews) - German stocks succumbed to heavy selling pressure on Wednesday, with the lack of details on China's stimulus measures and the U.S. credit rating downgrade by Fitch Ratings denting sentiment.
The benchmark DAX was down 276 points, or 1.7 percent, at 15,963 after losing 1.3 percent in the previous session.
Automotive and industrial supplier Schaeffler Group fell 2.2 percent despite lifting its FY23 margin view and backing sales growth forecast.
Likewise, Hugo Boss declined 1.2 percent despite the luxury fashion brand reporting higher earnings and sales in the second quarter and raising its guidance again for 2023.
Specialty chemicals maker Symrise lost 2.4 percent after reporting lower earnings for the first half of the year.
Siemens Healthineers plunged 7.6 percent. The medical device maker confirmed its outlook after reporting an unexpected drop in quarterly operating profit.
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