Markets

DAX Edges Lower As EU Talks Enter Fourth Day

(RTTNews) - German stocks fell in cautious trade on Monday as the global death toll from Covid-19 surpassed 600,000 and reports suggested that European leaders are still divided over the size of the EU-wide recovery fund.

The benchmark DAX dropped 27 points, or 0.21 percent, to 12,893 after rising 0.4 percent on Friday.

Automakers BMW, Daimler and Volkswagen fell over 1 percent as the euro hovered near a four-month high.

Travel-related stocks were coming under pressure, with Lufthansa falling 1.1 percent and TUI AG losing 3.5 percent.

Lenders Commerzbank and Deutsche Bank were modestly higher.

In economic releases, German producer prices declined for the fifth consecutive month in June but the pace of annual fall decreased, data from Destatis revealed.

Producer prices fell 1.8 percent year-on-year in June, slower than the 2.2 percent decrease seen in May. Prices have been falling since February. Nonetheless, this was faster than the 1.6 percent rise economists had forecast.

On a monthly basis, producer prices remained unchanged versus a 0.4 percent drop in May. Economists had expected a 0.2 percent rise.

The euro area current account surplus declined in May largely reflecting the widening deficit on the secondary income, data from the European Central Bank showed.

The current account surplus fell to EUR 8 billion in May from EUR 14 billion in April. In the same period last year, the surplus was EUR 23 billion.

The trade surplus rose to EUR 17 billion from EUR 13 billion in April. Meanwhile, the surplus on services fell to EUR 4 billion from EUR 5 billion.

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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