German stocks traded lower on Wednesday as investors reacted to a slew of earnings updates and looked ahead to Fed Chair Jerome Powell’s speech for direction.
Meanwhile, Germany’s consumer price inflation slowed sharply in October to hit the lowest in more than two years, final data from Destatis showed.
The consumer price index rose 3.8 percent year-on-year, following a 4.5 percent increase in the previous month. This was the lowest rate since August 2021 and matched the flash estimate published on October 30.
The benchmark DAX was down 32 points, or 0.2 percent, at 15,121 after closing 0.1 percent higher on Tuesday.
Continental AG rallied 2.2 percent after reporting higher earnings and slightly raising its outlook for the tires business.
DHL Group jumped 2.3 percent despite the logistics company posting a 32 percent drop in its third-quarter operating profit.
Bayer was little changed after it slipped to a loss in Q3.
Adidas dropped half a percent after reporting a decline in Q3 revenue.
Commerzbank jumped nearly 6 percent after Q3 net profit more than tripled.
DAX Slips Amid Earnings Deluge
2023-11-08 09:00:39
