German stocks fell on Wednesday after U.S. President Donald Trump said he’s personally holding up a trade deal with China and data showed China’s factory inflation slowed in May, reinforcing worries about cooling growth in the world’s second largest economy.
Investors were also reacting to Trump’s comments that U.S. interest rates were “way too high”.
The benchmark DAX was down 65 points or 0.53 percent at 12,087 in opening deals after climbing 0.9 percent the previous day.
Deutsche Bank shares fell 2.3 percent. Media reports suggest that the banking giant told around 1,000 investment-banking clients to face cut off from services if they fail to submit company-ownership information and other documents within a month.
Digital publishing house Axel Springer soared over 12 percent. The company has announced a public takeover offer from Global investment firm Kohlberg Kravis Roberts at an offer price of 63 euros per share in cash.