German Stocks Decline as Investors Await Fed Minutes

German stocks declined for a third day as investors awaited the release of minutes from the Federal Reserve’s July meeting.

Sixt SE, a vehicle leasing-services company, lost 1.2 percent after reporting a drop in second-quarter pretax profit. Linde AG (LIN), the producer of industrial gases, added 1 percent after Citigroup Inc. upgraded its recommendation on the shares.

The DAX (DAX) fell 0.3 percent to 8,279.56 at 9:32 a.m. in Frankfurt. The gauge has still rallied 7.6 percent from its low on June 24 as the European Central Bank said that interest rates will remain low for an extended period. The broader HDAX Index retreated 0.2 percent today.

“The release of the minutes of the recent Fed policy meeting from July seems to be the focus of investors’ attention,” Roger Peeters, chief executive officer at Close Brothers Seydler Research in Frankfurt, wrote in an e-mail. “The fear that the Fed will already start to reduce its stimulus programs in September is a fact, and positive economic figures can’t absorb such fears. Good economic figures even have accelerated the fear.”

Investors will study the minutes from the Federal Open Market Committee’s July 30-31 meeting for signs of when it will begin to reduce the $85 billion pace of monthly bond purchases.

The U.S. central bank will start to scale back bond buying next month, according to 65 percent of economists surveyed by Bloomberg from Aug. 9-13. The median estimate suggested the first move will be to reduce purchases to $75 billion a month.

The Fed has said it will weigh economic data to decide the timing and pace of any reduction. A report at 10 a.m. in Washington will show U.S. existing home sales rose to an annualized 5.15 million in July, according to economists surveyed by Bloomberg.

To contact the reporter on this story: Jonathan Morgan in Frankfurt at

To contact the editor responsible for this story: Andrew Rummer at

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