German Market Moderately Lower

By RTT News, 
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(RTTNews.com) - The German market is trading lower on Friday, as geo-political tensions led to risk aversion, following the attack on the Malaysian flight over Ukraine. Israel's launch of a ground incursion into Gaza also impacted sentiment.

On a day of light economic news, the euro area current account surplus declined in May as the income and the surplus on visible trade decreased from April, the European Central Bank said. The current account surplus fell to a seasonally adjusted 19.5 billion euros from 21.6 billion euros in April.

The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.42 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.40 percent.

The DAX index is currently losing 0.67 percent.

HeidelbergCement is falling 3.3 percent. Morgan Stanley cut the stock to ''Underweight'' from ''Equal-weight.''

Daimler is losing 2.3 percent. Credit Suisse reduced its rating on the stock to ''Neutral'' from ''Outperform.''

Beiersdorf is falling 1.4 percent, following a downgrade at Exane BNP.

Societe Generale initiated Leg Immobilien with a ''Buy'' rating. The stock is notably higher.

Other major markets in the region are also falling.

The Asian stocks turned in a mixed performance as geopolitical worries sapped investors' appetite for risk.

In the U.S., futures point to a cautious open on Wall Street. In the previous session, the Dow fell 0.9 percent, the tech-heavy Nasdaq dropped 1.4 percent and the S&P 500 shed 1.2 percent.

Crude for August delivery is gaining $0.28 to $103.47 per barrel, while gold is falling $7.3 to $1309.6 a troy ounce.

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This article appears in: News Headlines

Referenced Stocks: BEI , CS , HDELY , LEG , MS

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