German stocks declined on Thursday as investors reacted to signs of slowing growth in China and Siemens Energy’s downbeat margin outlook.
China’s gross domestic product rose 7.9 percent year-on-year in the second quarter, official data showed. That was slightly lower than forecasts. The GDP print beat forecasts on a quarterly basis.
The benchmark DAX dropped 93 points, or 0.6 percent, to 15,696 after finishing marginally lower the previous day.
Energy group Siemens Energy plunged 9 percent after the company said it expects to miss its margin guidance for the full fiscal year.
Its Spanish subsidiary Siemens Gamesa Renewable Energy said it expects a fiscal 2021 loss due to a sharp increase in raw material prices.
Medical and safety technology provider Draegerwerk AG slumped 5.4 percent after its second-quarter preliminary EBIT declined to 80 million euros from last year’s 102 million euros, due to the lower gross margin and higher functional expenses.
Market Analysis
DAX Drops As Siemens Energy Lowers Outlook
2021-07-15 09:09:10
