German stocks drifted lower on Monday amid U.S. rate hike worries and heightened tensions between the U.S. and China after the U.S. military on Saturday shot down a suspected Chinese spy balloon off the Carolina coast.
Investors ignored data showing that German factory orders bounced back in December, driven by large-scale orders.
Factory orders rose 3.2 percent in December compared with a 4.4 percent fall in November on a price-adjusted basis, the statistics office Destatis said.
The benchmark DAX was down 88 points, or 0.6 percent, at 15,387 after declining 0.2 percent on Friday.
Aurubis shares plunged more than 6 percent. The copper producer reported that its first quarter net income dropped 81 percent to 57 million euros from 301 million euros in the same quarter last year.
Market Analysis
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2023-02-06 09:02:58
