German Stocks Decline as U.S. Lawmakers Hold Budget Talks
German stocks declined as U.S. President Barack Obama meets with congressional leaders for budget talks and as House of Representatives plan a session on Dec. 30, seeking to reach a deal that averts a fiscal crisis.
ProSiebenSat.1 Media AG (PSM) fell 1.1 percent after it was fined by German regulators. Porsche SE advanced 6.3 percent after a U.S. appeals court dismissed a law suit against the company.
The DAX Index lost 0.3 percent to 7,636.18 at 11:08 a.m. in Frankfurt. The benchmark gauge has still rallied 29 percent so far this year as the European Central Bank and the Federal Reserve expanded asset purchases. The broader HDAX Index also fell 0.3 percent.
Obama summoned congressional leaders to a White House meeting three days before a year-end deadline to avoid $600 billion in spending cuts and tax increases, amid increasing concern that the time is too short to reach a deal.
Obama, who had been negotiating one-on-one with House Speaker John Boehner, will meet today with Republicans Boehner and Senate Minority Leader Mitch McConnell, and Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi, both Democrats. The meeting will be held at 3 p.m. Washington time.
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