Markets

DAX Edges Lower Amid Virus Fears

(RTTNews) - German stocks edged lower on Tuesday, with uncertainty surrounding the U.S. relief package and the upcoming U.S. presidential election keeping investors worried.

Record Covid-19 cases in Europe and growing fears about the economic impact of new lockdown restrictions also weighed on markets.

Ireland and Wales announced renewed lockdowns and Italy's northern Lombardy region prepared to impose a nighttime curfew to regain control of the virus spread.

The benchmark DAX slipped 13 points, or 0.1 percent, to 12,840 after declining 0.4 percent in the previous session.

Jenoptik Group shares slumped 4.4 percent. After a weak second quarter, the optical products company announced that the order intake in the third quarter has stabilized at previous year's level.

Luxury car maker BMW edged up slightly after it reported an increase in free cash flow for the automotive segment for the third quarter 2020.

Biopharmaceutical lab equipment maker Sartorius climbed almost 4 percent. The company reported that its nine-month earnings and sales grew in significant double-digit rates with high demand for nearly entire product range.

Remote software provider TeamViewer lost 7 percent after Permira sold an 11 percent stake at an 8 percent discount to Monday's closing price.

In economic releases, German producer prices continued to decline in September, data from Destatis revealed.

Producer prices were down 1 percent year-on-year, slower than the 1.2 percent decrease seen in August. Prices have decreased for the eighth consecutive month.

On a monthly basis, producer prices gained 0.4 percent after staying flat in August.

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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