Markets

DAX Edges Lower In Cautious Trade

(RTTNews) - German stocks edged lower on Tuesday as investors pondered over the economic impact of a second wave of coronavirus infections, a stalemate over the U.S. stimulus package and the threat of a contested outcome of U.S. presidential elections.

Closer home, Chancellor Angela Merkel is to meet with state leaders this week to discuss how to slow down the spread of coronavirus. Media reports suggest that a nationwide "lockdown light" is on the horizon.

The benchmark DAX slipped 42 points, or 0.35 percent, to 12,135 after plummeting as much as 3.7 percent the previous day.

Automakers BMW, Daimler and Volkswagen all fell about 1 percent after data showed profits at China's industrial firms rose at a slower pace in September.

Brenntag, a chemical distribution company, jumped 4 percent after announcing it will lay off 1,300 jobs.

Rational AG surged 6 percent. The company said that sales revenues have stabilized at lower levels due to relaxation of Covid-19 restrictions in many markets.

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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