German stocks edged lower on Wednesday, while oil prices jumped after the European Union’s chief executive proposed a phased oil embargo on Russia, sanctions on its top bank and a ban on Russian broadcasters from European airwaves.
Sentiment was also hit after data showed German exports fell 3.3 percent month-on-month in March, in contrast to the 6.2 percent expansion seen in February. Shipments were forecast to drop 2.0 percent. Overall imports grew 3.4 percent, following a 4.7 percent rise in February.
The benchmark DAX slipped 0.2 percent to 14,008 after climbing 0.7 percent in the previous session.
Volkswagen traded flat after the carmaker stuck to its outlook for the current year.
Medical device make Siemens Healthineers rallied 2.5 percent after raising its 2022 targets.
HUGO BOSS slumped more than 4 percent despite the luxury fashion house posting strong sales growth in the first quarter of 2022.
Market Analysis
DAX Slips After New EU Sanctions
2022-05-04 09:07:47
