(RTTNews) - German stocks gave up early gains to trade on a flat note Friday after a survey showed Germany's consumer confidence declined further to a new record low in September.
Market research group GfK's forward-looking consumer sentiment index fell to -36.5 in September from -30.9 in August as households started to build reserves to meet future energy bills, thus dampening the propensity to buy. The reading was forecast to fall moderately to -31.8.
Earlier Friday, German Economy Minister Robert Habeck said he'll reassess the gas levy on consumers amid an outcry over corporate profits in the sector.
Investors now await Fed Chair Jerome Powell's widely-anticipated speech in the Jackson Hole Symposium later in the day for clues on the central bank's tightening plan.
The benchmark DAX was down 16 points, or 0.1 percent, at 13,255, reversing initial gains.
