DAX Marginally Lower After GDP Data

(RTTNews) - German stocks were subdued on Friday after data showed the German economy contracted as estimated in the fourth quarter on weaker investment.

Gross domestic product slid 0.3 percent sequentially after stagnating in the third quarter, according to revised data from Destatis.

The statistical office confirmed the preliminary estimate published on January 30.

The benchmark DAX was marginally lower at 17,369 after rallying 1.5 percent in the previous session.

Insurer Allianz fell 2.4 percent after its fourth quarter profit came in slightly below expectations.

Chemicals giant BASF rose 0.6 percent after flagging earnings rebound.

Airline Lufthansa tumbled 3.6 percent after news on board reshuffle.

Deutsche Telekom fell nearly 2 percent as it reported a loss of 1.035 billion euros or 0.21 euros per share for the fourth quarter.

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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