German Stocks Fall On Profit Taking
(RTTNews.com) - German stocks lost ground on Thursday after rising the previous day in anticipation of a U.S. deal to avert a debt default. Investors seem to be in the profit-taking mode after U.S. President Barack Obama signed a short-term compromise bill that ends a 16-day government shutdown and raises the U.S. debt ceiling.
The Asian markets ended broadly higher, while trading in the U.S. index futures point to a lower start following the previous session's rally, which took the tech-heavy Nasdaq to a fresh thirteen-year high.
The German DAX is currently down 61 points or 0.7 percent from Wednesday's record high, while France's CAC 40 is losing half a percent and the U.K.'s FTSE 100 is moving down 0.3 percent.
Deutsche Telekom is losing 2 percent and E.ON is tumbling 3.5 percent on brokerage downgrades.
Volkswagen is edging down 0.1 percent. Four workers at its Chattanooga plant have filed federal charges against the company alleging that German officials are coercing fellow workers to agree to United Auto Workers representation.
RWE is moving down 0.6 percent after German Chancellor Angela Merkel came out in favor of an EU plan to bolster the region's emissions trading market.
Department stores operator Metro is adding a percent. The company backed its adjusted EBIT outlook for the short financial year from January through September despite reporting lower sales of 15.5 billion euros in the third quarter.
Tag Immobilien is gaining 0.9 percent. Chief Executive Officer Rolf Elgeti will transfer all of his private real estate investments to trustees by the end of the year, the company said.
Osram is rising 1.1 percent after appointing Jes Munk Hansen as its new CEO for its Americas business.
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