The Frankfurt Bourse’s benchmark DAX-30 index has dropped from the previous day’s levels amidst data showing that the Ifo Business Climate indicator for August fell to a three-month low of 99.4, less than the market forecast of 100.4. The fall in the business sentiment from 101.8 in June and 100.7 in July is attributed to supply bottlenecks as well as rising coronavirus infections.
The thirty-scrip index is currently trading at 15885.26 down 0.20 percent over Tuesday’s close.
At current levels, the DAX is 0.89 percent lower than the 52-week high of 16028.60.
Online food ordering service Delivery Hero is currently topping the charts with a 2 percent uptick. Siemens Energy has gained 1.9 percent whereas sports goods maker Adidas has advanced by 1.3 percent.
Insurance and reinsurance player Munchener Ruck (Munich Re) is topping the laggards with a decline of 1.2 percent. Premium automaker BMW has corrected by 1 percent whereas chemicals company BASF is down by 0.8 percent.
Deutsche Telekom is topping the volume charts with a turnover of 0.6 million euros.
11 advances and 19 declines appear to indicate inherent weakness in the market sentiment after the release of the disappointing business sentiment gauge.
The EURUSD pair is hovering around 1.1747 levels
The GfK Consumer Climate Indicator for September is due on Thursday.
DAX Dips As Ifo Business Climate Indicator Drops To 3-month Low
2021-08-25 10:34:27
