German stocks fell slightly on Wednesday, as investors digested the latest set of earnings reports and kept a wary eye on the situation in the Middle East amidst reports of an imminent ground invasion of Gaza by Israel.
Meanwhile, a survey showed earlier today that German business morale improved more than expected in October, following five consecutive months of decline.
The headline IFO Business Climate Index came in at 86.9 in October, up from the previous month’s reading of 85.7.
The benchmark DAX was down 24 points, or 0.2 percent, at 14,856 after rising half a percent in the previous session.
Frankfurt-listed shares of Alphabet plunged 7 percent after revenue from Google’s Cloud division missed estimates.
Microsoft rallied 3.2 percent after beating Wall Street estimates in all segments.
Deutsche Bank soared 7 percent as the lender flagged dividends and buybacks over the next two years after posting better-than-expected third-quarter profit.
Nivea maker Beiersdorf AG rose 1.3 percent after raising its full-year sales guidance.
DAX Edges Lower In Lackluster Trade; Deutsche Bank Shares Up 7%
2023-10-25 08:57:19
