German stocks were subdued on Tuesday after data showed industrial production in the country declined at a faster pace in September.
Industrial output registered a monthly fall of 1.4 percent, faster than the revised 0.1 percent drop in August. This was the fourth consecutive decline.
Economists were expecting output to drop 0.1 percent after August’s initially estimated decrease of 0.2 percent.
On a yearly basis, industrial production registered a 3.7 percent fall in September.
The benchmark DAX was down 0.1 percent at 15,119 after losing 0.4 percent on Monday.
Schaeffler AG shares fell about 1 percent. The maker of rolling element bearings for automotive and aerospace industries posted a decline in net income for the first nine-month period of 2023.
Evotec fell nearly 2 percent after it entered into a R&D collaboration with Dewpoint Therapeutics announced to advance Dewpoint’s oncology pipeline programs of condensate modifying therapeutics to Investigational New Drug Applications using Evotec’s data-driven platform.
Rational AG, a manufacturer and retailer of combi steamers and ovens, rose about half a percent after backing its FY23 outlook.
Market Analysis
DAX Slips As Industrial Output Declines
2023-11-07 08:50:24
