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DAX Dips On Growth Worries

March 05, 2024 — 04:02 am EST

Written by RTTNews.com for RTTNews

(RTTNews) - German stocks traded lower on Tuesday amid growth worries after a survey showed Germany's service sector remained under pressure from weak demand midway through the opening quarter, resulting in a fifth successive monthly drop in business activity.

The benchmark DAX was down 52 points, or 0.3 percent, at 17,663 after closing 0.1 percent lower the previous day.

In corporate news, Bayer, a pharmaceutical and biotechnology major, fell about 1 percent after posting a decline in fourth-quarter sales.

Schaeffler tumbled 3.5 percent. The manufacturer of rolling element bearings reported that its fiscal 2023 net income attributable to shareholders of the parent company amounted to 310 million euros, down from last year's 557 million euros.

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