Markets

DAX Drifts Lower As Trump Backs Hong Kong Protestors

(RTTNews) - German stocks were moving lower on Thursday after U.S. President Donald Trump signed two U.S. bills supporting Hong Kong's pro-democracy protesters, defying calls from China to block the legislation. Trump's approval of the legislation has dampened the prospects for an interim trade deal

The benchmark DAX was down 58 points, or 0.44 percent, at 13,228 after closing 0.4 percent higher on Wednesday.

Energy utility Innogy, which is majority owned by E.ON, edged down slightly after cutting the profit outlook for its retail division. E.ON shares declined half a percent.

Banking major Deutsche Bank fell over 1 percent on reports that the lender has sold unwanted assets worth $50 billion to Goldman Sachs (GS) as part of its restructuring.

Trade-sensitive automakers were moving lower, with BMW, Daimler and Volkswagen falling between 0.4 percent and 1 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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