Markets

DAX Falls Ahead Of ECB Meeting

(RTTNews) - German stocks fell in cautious trade on Thursday as tensions between the United States and China continued to rise and downbeat retail sales data from China suggested consumers are still reticent about spending.

Meanwhile, the interest rate announcement from the European Central Bank is due at 7.45 am ET, with analysts expecting the central bank to leave its key interest rate unchanged at a record low zero percent.

ECB President Christine Lagarde is set to hold customary press conference at 8.30 am ET.

The benchmark DAX dropped 107 points, or 0.83 percent, to 12,824 after rallying 1.8 percent the previous day.

Banks traded mixed, with Deutsche Bank rising 1 percent while Commerzbank was down about 1 percent.

Automakers BMW, Daimler and Volkswagen were subdued after industry data showed registrations of new passenger cars in the EU dropped 22.3 percent year-on-year to 949,722 units in June.

Online fashion retailer Zalando soared 5.6 percent after raising its full year earnings forecast.

Similarly, Sartorius jumped 6.7 percent after raising its full-year sales and earnings guidance for the Bioprocess Solutions Division and thus for the entire Group.

Wacker Neuson Group rallied 4.6 percent. The company expects a profit before interest and tax for the second quarter 2020 to be in the range of 21 million euros to 22 million euros compared to 55.2 million euros in the prior year.

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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