DAX Drifts Lower After Weak Data

(RTTNews) - German stocks drifted lower on Monday as trade data disappointed and software firm SAP said the head of its cloud business group had quit, pulling down its shares.

Germany's exports and imports declined in February at the fastest pace in a year, as demand ebbed amid the global uncertainties, official data showed.

Exports fell a calendar and seasonally-adjusted 1.3 percent month-on-month, adding to concerns sparked by recent data that growth in the biggest economy in the euro area remained sluggish in the first quarter.

Economists had forecast a 0.4 percent drop. The decline was the first in three months and the biggest since February 2018, when shipments shrunk 2.3 percent.

Sentiment surrounding the Eurozone economy also remained weak, though the corresponding index rose to -0.3 from -2.2 in March.

The benchmark DAX was down 42 points or 0.35 percent at 11,968 in opening deals after rising 0.2 percent on Friday.

Automakers were muted as the European Union accelerated a probe over suspected collusion that could have delayed clean-emissions technology for cars.

Continental AG dropped 1.2 percent on a brokerage downgrade.

SAP shares declined 1.6 percent.

Utility RWE shed 0.6 percent. The Competition and Markets Authority announced it has decided not to refer the acquisition by RWE of a 16.67 percent minority stake in E.ON SE, to a Phase 2 investigation.

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