DAX Slips Into Red As Yields Rise After BOJ Policy Tweak
(RTTNews) - German stocks declined on Friday as bond yields climbed after the Bank of Japan eased controls on its government bond market.
The downside remained capped after official data showed the German economy stabilized in the second quarter after two consecutive contractions.
GDP remained flat in the second quarter, following a 0.1 percent drop in the first quarter and 0.4 percent decline in the fourth quarter of 2022, Destatis reported. GDP was expected to climb 0.1 percent.
On a yearly basis, price-adjusted GDP dropped 0.6 percent in contrast to the 0.1 percent rise a quarter ago.
Calendar-adjusted GDP was down 0.2 percent, the same rate of fall as reported in the first quarter.
The benchmark DAX was down 66 points, or 0.4 percent, at 16,339 after climbing 1.7 percent in the previous session.
In corporate news, energy networks operator E. ON rose half a percent after reporting higher profit in the first six months of the year and raising its full-year guidance. Chemical company BASF was down 0.6 percent after sales declined by 24.7 percent in the second quarter of 2023.
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