DAX Drifts Lower As Brexit Chaos Weigh

German stocks were subdued on Wednesday as growth worries persisted and the risks of a ‘no deal’ Brexit loomed.

Investors also waited for signs of progress on the U.S.-China trade dispute, with Robert Lighthizer, the U.S. trade representative, saying that “major issues” must still be resolved for a successful U.S.-China trade deal.

The benchmark DAX was down 17 points or 0.15 percent at 11,507 in opening deals after declining 0.2 percent the previous day.

Wirecard tumbled 3.7 percent after it suspended an accounting employee in Singapore until the end of an investigation into allegations of fraud and creative accounting.

Energy utility Innogy was marginally lower after it swung to a loss in 2018.

E.ON declined 1.5 percent after its fiscal 2018 net income dropped 18 percent.

Symrise dropped over 1 percent after unveiling its fiscal 2018 earnings results.

Adidas slumped nearly 5 percent after a warning that supply chain problems will hit its sales growth in the first half of the year.

Leave A Reply