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DAX Dips On Growth Worries

2024-06-07MyfxbookMyfxbook
German stocks slipped on Wednesday amid growth worries after big U.S. banks cautioned of a likely recession next year.
DAX Dips On Growth Worries

(RTTNews) - German stocks slipped on Wednesday amid growth worries after big U.S. banks cautioned of a likely recession next year.

Closer home, German industrial production fell less than expected in October, data released earlier today showed.

Output dipped 0.1 percent month-on-month in October versus expectations for a 0.6 percent drop.

On an annual basis, production was flat in October following a 3.1 percent increase the month before.

The benchmark DAX slipped 20 points, or 0.1 percent, to 14,323 after losing 0.7 percent the previous day.

MorphoSys AG jumped 3.2 percent after signing a licensing deal with Novartis for a cancer program.

Klöckner & Co. fell over 1 percent. The company said it has received the first CO2-minimized stainless-steel coil from Outokumpu.

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