DAX Slips As Business Confidence Falls More Than Expected
(RTTNews) - German stocks drifted lower on Monday after survey results from Ifo Institute showed that Germany's business confidence deteriorated more than expected in July.
The business confidence index came in at 88.6 in July as both current assessment and expectations of firms deteriorated in the month. The reading was forecast to fall to 90.2 from 92.2 in June.
The benchmark DAX was down 34 points, or 0.3 percent, at 13,220 after finishing marginally higher on Friday.
Volkswagen AG shares tumbled 3.5 percent. The automaker has appointed Oliver Blume takes over as new Chairman with effect as of 1 September 2022.
Automotive and industrial supplier Schaeffler was little changed after it agreed to buy Ewellix Group from Triton Fund V for 582 million euros.
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