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DAX Edges Lower On US Rate Uncertainty
(RTTNews) - German stocks traded lower on Thursday due to year-end profit booking.
Amid interest rate uncertainty, traders looked ahead to the release of the final estimates of U.S. third-quarter GDP data later in the day and the Fed's preferred inflation gauge on Friday for direction.
The benchmark DAX was down 65 points, or 0.4 percent, at 16,667 after finishing marginally lower the previous day.
Commerzbank shares jumped 3 percent. The lender said it has received an approval from the European Central Bank for a new share buyback program with a volume of up to 600 million euros.
Automakers traded lower, with BMW, Mercedes Benz and Volkswagen falling 1-2 percent. Drug major Merck & Co was little changed. The company said that the U.S. FDA has issued a Complete Response Letter regarding its New Drug Application for gefapixant under development for the treatment of refractory chronic cough in adults.
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