Commerzbank AG dropped 1.8 percent, for the second-biggest loss on the benchmark DAX Index, after its Eurohypo unit lost a suit over the payment of interest on profit certificates. Celesio AG (CLS1) gained 1.4 percent as Jefferies & Co. advised investors to buy the stock.
The DAX slid 1 percent to 8,398.28 at 9:57 a.m. in Frankfurt. The measure is still heading for a 6.1 percent gain in May and has rallied in all but one of the last 12 months as central banks around the world maintained their stimulus efforts. The broader HDAX Index also declined 1 percent today.
The IMF lowered its forecasts for China’s growth and said making “decisive” policy changes would put the economy on a more sustainable path.
Expansion will be about 7.75 percent this year and next, David Lipton, first deputy managing director of the IMF, said in Beijing. In April, the IMF forecast growth of 8 percent this year and 8.2 percent expansion in 2014.
The number of people out of work in Germany, Europe’s largest economy, increased a seasonally adjusted 21,000 in May, a report showed today. Economists in a Bloomberg survey forecast an increase of 5,000.
Elsewhere, the U.S. sells $35 billion of five-year notes today after a two-year sale of the same amount yesterday drew the fewest bids since February 2011. The Commerce Department will probably say tomorrow the world’s biggest economy grew at an annualized 2.5 percent pace in the first quarter, unchanged from a preliminary reading last month.
The volume of shares changing hands in companies on the DAX was 17 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
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