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DAX Dips As Growth Woes Linger
(RTTNews) - German stocks slipped into the red on Thursday as weak industrial production data added to evidence of slowing momentum in Europe's largest economy.
According to Destatis, German industrial output posted a monthly fall of 0.8 percent in July, which was slower than June's revised 1.4 percent decrease. Economists had forecast a drop of 0.5 percent.
On a yearly basis, industrial production was down 2.1 percent after a 1.5 percent decrease a month ago.
The benchmark DAX was down 27 points, or 0.2 percent, at 15,714 after losing 0.2 percent in the previous session.
Deutsche Telekom dropped half a percent after its subsidiary T-Mobile US announced a second tranche of its shareholder return program of up to 19 billion U.S. dollars for the period from the fourth quarter of 2023 to the end of 2024.
Conglomerate ThyssenKrupp lost 2 percent on news that Chief Financial Officer Klaus Keysberg will step down from his role next year.
SAP gained 0.7 percent after the business software maker said it has bought software management company LeanIX from investors to boost its business transformation portfolio.
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