German stocks edged lower on Wednesday after China’s industrial production and retail sales grew less than expected in May.
China’s industrial production grew 8.8 percent on a yearly basis in May, weaker than the economists’ forecast of 9 percent. Similarly, retail sales expanded 12.4 percent annually, which was slower than the expected increase of 13.6 percent.
During January to May period, fixed asset investment increased 15.4 percent from the same period last year while economists had forecast investment to climb 16.9 percent.
Investors await the outcome of the Federal Reserve’s two-day meeting later in the day for clues on inflation and stimulus outlook.
The benchmark DAX dipped 46 points, or 0.3 percent, to 15,683 after rising 0.4 percent in the previous session.
q.beyond AG, formerly known as QSC AG, was moving lower. The IT service provider said it is acquiring Augsburg-based modern workplace specialist datac Kommunikationssysteme GmbH.
Bechtle AG rose half percent. The IT provider projected excellent outlook for the remainder of the year.
Business software group SAP fell 1 percent after a disappointing profit forecast from U.S. software rival Oracle Corp.
Banks Commerzbank and Deutsche Bank were down 1.5 percent and 0.8 percent, respectively.
DAX Dips On China Data
2021-06-16 08:54:40
