German Stocks Decline Before Investor-Confidence Report
German stocks declined, snapping a six-day winning streak, before data on investor confidence from the ZEW Center for European Economic Research.
Volkswagen AG (VOW) and Bayerische Motoren Werke AG slipped at least 0.3 percent as European car sales fell to a two-decade low in June. Deutsche Lufthansa AG (LHA), Europe’s second-biggest airline, climbed 1 percent as Goldman Sachs Group Inc. upgraded the shares to neutral from sell.
The DAX (DAX) Index retreated 0.4 percent to 8,198.73 at 10:30 a.m. in Frankfurt. The measure had climbed 5.5 percent over the previous six days as central banks signaled they won’t withdraw stimulus measures imminently. The broader HDAX Index also dropped 0.4 percent today.
German investor confidence increased in July, a report may show at 11 a.m. in Mannheim, Germany. The ZEW index of investor and analyst expectations rose to 40 from 38.5 in June, economists forecast in a Bloomberg survey.
In the U.S., industrial production probably gained 0.3 percent in June after being little changed in the previous month, according to the median estimate in a Bloomberg survey before the release of data at 9:15 a.m. New York time.
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