By RTT News, October 14, 2013, 06:13:00 AM EDT
(RTTNews.com) - German stocks fell from a record high hit on Friday, as investors monitor the developments in the U.S. amid concerns a debt default would create global economic chaos.
Attention now shifts to the Senate to search for a way to avoid a looming debt default after U.S. President Barack Obama rejected House Speaker John Boehner's latest fiscal offer that would extend the nation's borrowing authority for six weeks and reopen the government in exchange for the start of negotiations on deficit reduction.
After rising nearly 2.5 percent in the past two sessions, the German DAX is currently down 17 points or 0.19 percent at 8.708. France's CAC 40 is down 0.15 percent, while the U.K.'s FTSE 100 is rising marginally.
The Asian markets turned in a lackluster performance as traders digested mixed Chinese data and waited for a resolution to the U.S. budget deadlock. Trading in the U.S. index futures point to a sharply lower open ahead of a slew of key earnings reports slated for release this week.
In stock-specific action, BMW is moving down 0.6 percent after unveiling its all-new 4-Series Convertible, replacing the 3-Series Convertible, ahead of its Los Angeles auto show debut next month.
Daimler is declining half a percent on reports the company and Evonik are in search for a new partner for their Li-Tec joint venture.
Deutsche Bank is edging down 0.1 percent and Commerzbank is down over a percent after German financial markets regulator BaFin said it has no plans for launching a special probe into possible currency manipulation by banks.
Rhoen Klinikum is moving down 0.7 percent. Its shareholder B. Braun won antitrust approval for raising its stake in the company to 25 percent.
Infineon Technologies is tumbling 2 percent after Bank of America Corp. lowered its rating on the stock.
SAP is losing 1.4 percent after French software maker Dassault Systemes SA warned its revenue growth will be sharply lower than expected previously this year.
Deutsche Telekom is gaining 0.7 percent. The company said it is pushing to shield local internet traffic from spies by routing it only through German servers.
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