Deutsche Bank retreated 1.7 percent, as a measure of European lenders fell the most of the 19 industry groups on the Stoxx Europe 600 Index. Bayer dropped the most on the benchmark German gauge. SAP AG surged 5.3 percent after reporting higher earnings on rising cloud and database revenue.
The DAX slipped 0.2 percent to 8,848.89 at 9:39 a.m. in Frankfurt. The gauge climbed 1.6 percent last week and has gained 3 percent this month as U.S. lawmakers reached a last-minute deal to end a fiscal impasse and optimism grew that Janet Yellen, nominated to head the Federal Reserve, won’t rush to withdraw stimulus. The HDAX Index slipped 0.1 percent today.
The Fed will postpone a cut to its monthly bond-buying program until March after a partial shutdown of the U.S. government lasting 16 days trimmed fourth-quarter economic growth by 0.3 percentage point and disrupted the flow of data, according to the median forecast of economists in a Bloomberg survey conducted Oct. 17-18. Policy makers will taper asset purchases to $70 billion from $85 billion, the poll forecast.
A previous survey had indicated the U.S. central bank would start trimming stimulus measures at its September gathering. The policy-setting Federal Open Market Committee’s last two meetings this year are scheduled for Oct. 29-30 and Dec. 17-18.
To contact the editor responsible for this story: Andrew Rummer at firstname.lastname@example.org