German stocks declined on Wednesday, a day after the government downgraded its growth outlook, citing unexpected supply-china bottlenecks and higher energy costs.
Meanwhile, German consumer confidence is set to improve in November on increasing propensity to consume, survey results from the market research group Gfk showed earlier today.
The forward-looking consumer confidence index rose to 0.9 in November from revised 0.4 in October. Economists had forecast the index to fall to -0.5.
With this second rise in a row, consumer sentiment is defying rising inflation, Rolf Bürkl, GfK consumer expert, said.
The benchmark DAX dropped 51 points, or 0.3 percent, to 15,705 after rallying 1 percent the previous day.
Design company Puma advanced 1.7 percent after raising its sales and profit forecasts for the year.
Chemicals company BASF dropped 1 percent despite increasing its 2021 earnings guidance for the third time.
Lender Deutsche Bank slumped 5 percent after core bank profit before tax declined slightly in its third quarter.
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2021-10-27 09:04:44
