DAX Little Changed In Lackluster Trade

(RTTNews) - German stocks were little changed in cautious trade on Wednesday as optimism over a potential U.S.-China trade deal waned and investors awaited the outcome of central bank meetings in the U.S., Canada and Japan.

The benchmark DAX was down 21 points, or 0.16 percent, at 12,919 after closing marginally lower on Tuesday.

MorphoSys AG shares jumped 4.4 percent. The company said the primary endpoint was met of a real-world data study demonstrating clinical superiority of the combination of tafasitamab and lenalidomide compared to lenalidomide alone.

Banking major Deutsche Bank slumped over 5 percent as it reported an 832 million-euro ($924.35 million) loss in the third quarter, partly due to costs for a major restructuring.

Commerzbank shed 0.6 percent after it offered shareholders of comdirect bank AG 11.44 euros per share in cash to buy remaining stake in the latter.

TAG Immobilien gained 1 percent. The company said that its funds from operations for the first nine months 2019 increased 12 percent year-on-year to 121.5 million euros.

Carmaker Volkswagen rose 0.9 percent after reporting a rise in profit before tax for the nine-month period and backing its FY19 sales view.

Bayer gained more than 2 percent after backing its full-year guidance.

In economic releases, Germany's unemployment rate remained stable in September, data from Destatis revealed.

The adjusted unemployment rate was unchanged at 3.1 percent in September. On an unadjusted basis, the jobless rate fell to 3 percent from 3.2 percent in August.

According to results of the labor force survey, 1.32 million people were unemployed in September, down by 106,000 people compared with the same month a year earlier.

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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