DAX Slides As Banking Jitters Return To Fore
(RTTNews) - German stocks were moving lower on Tuesday after U.S. lender First Republic Bank said its deposits tumbled more than $100 billion last quarter and that it was exploring options such as restructuring its balance sheet.
UBS Group has set aside more money to draw a line under its involvement in toxic mortgages, further weighing on sentiment.
The benchmark DAX was down 31 points, or 0.2 percent, at 15,833 after closing 0.1 percent lower in the previous session.
Banks were losing ground, with Commerzbank and Deutsche Bank both falling over 3 percent after UBS reported a 52 percent slide in quarterly income.
Forklift manufacturer Jungheinrich AG jumped nearly 10 percent after reporting a rise in Q1 preliminary EBIT and lifting its FY outlook.
Daimler Truck Holding rallied 2.7 percent after reporting Q1 preliminary results above expectations.
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