German Stocks Are Little Changed Before U.S. Retail Sales
Suedzucker AG (SZU) dropped 2.6 percent after Goldman Sachs Group Inc added the stock to its conviction-sell list. Fresenius SE added 4.3 percent after the health-care company’s Helios unit agreed to pay Rhoen-Klinikum AG (RHK) 3.07 billion euros ($4.07 billion) for 43 hospitals. Rhoen-Klinikum surged 11 percent.
The DAX retreated 0.1 percent to 8,482.37 at 9:32 a.m. in Frankfurt. The benchmark has still gained 2.5 percent this week amid better-than-expected economic data from China and as U.S. President Barack Obama delayed a decision on military action against Syria. The broader HDAX Index fell 0.1 percent today.
In the U.S., a Commerce Department report at 8:30 a.m. in Washington may show that retail sales rose in August. Purchases (RSTAMOM) climbed 0.5 percent after a 0.2 percent gain in July, according to the median forecast of economists in a Bloomberg News survey.
The retail report is one of the last pieces of data before next week’s Federal Reserve meeting on Sept. 17-18 as policy makers consider whether to pare monetary stimulus. Chairman Ben S. Bernanke has said that the central bank may consider tapering if the economy grows in line with its forecasts.
U.S. Secretary of State John Kerry meets his Russian counterpart Sergei Lavrov in Geneva today for talks on the removal of Syria’s chemical weapons. Syrian President Bashar al-Assad said any deal to surrender the nation’s chemical arsenal must be a “two-way street,” with Obama’s administration dropping its military threats and ceasing to arm Syrian rebels.
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