German stocks fell notably on Thursday, with weak service sector activity data and the risk of escalating conflict in the Middle East denting sentiment.
Growth in Germany’s services sector slowed for a fourth consecutive month in September due to a sharp drop in incoming orders, a survey showed.
The HCOB final services Purchasing Managers’ Index fell to a six-month low of 50.6 from 51.2 in August.
The benchmark DAX was down 146 points, or 0.8 percent, at 19,018 after falling 0.3 percent in the previous session.
In corporate news, software maker SAP SE dropped 1.3 percent after a U.S. price-fixing probe into the company.
Lufthansa edged down slightly. The flag carrier said that it is resuming certain flights to destinations in the Middle East but will not use Iranian and Iraqi airspace as a precautionary measure due to the ongoing conflict, until further notice.
LANXESS tumbled 3.3 percent. The specialty chemicals company has signed a contract to sell its Urethane Systems business to Japanese UBE Corporation.
Residential landlord Vonovia fell 1.8 percent after saying it expects a total liquidity inflow of around 4 billion euros for 2024, same as the previous year’s level.
Market Analysis
DAX Declines With Middle East Tensions And PMI Data In Focus
2024-10-03 09:30:54
