The German stock market is notably lower Wednesday morning, extending losses from previous session, amid rising concerns about global growth and the likely impact of Sino-U.S. trade dispute.
The mood is quite cautious with investors looking ahead to the reports on consumer sentiment, activities in manufacturing and service sectors in Germany and the European Central Bank’s monetary policy, all due on Thursday.
Germany’s benchmark DAX is down 52 points, or 0.47%, at 11,038.11.
On Tuesday, the index ended down 0.41% at 11,090.11, mirroring the trend across the globe, after the International Monetary Fund cut its global growth forecast for 2019 and 2020.
Deutsche Bank shares are weak on report the U.S. Federal Reserve is probing the bank’s role in a Danske Bank money laundering scheme. Danske is reportedly under investigation for suspicious payments totaling 200 billion euros during 2007 – 2015. Deutsche Bank is alleged to have helped process the bulk of the payments. Deutsche Bank shares are currently down 1.1%, after having declined by more than 2% earlier.
Infineon is declining 1.7%, Continental, Daimler, BASF and BMW are lower by 1 to 1.4%.
Meanwhile, RWE is gaining nearly 3%, Deutsche Post is adding 1.4% and Wirecard is up 1%. E.On, Fresenius ST, Vonovia, Lufthansa and Adidas are up marginally.
Among other major markets in Europe, the U.K. is down 0.47% and France is lower by 0.28%. Switzerland’s SMI is down by about 0.21%.