German stocks were little changed near a record as a report showed China’s industrial output growth unexpectedly accelerated last month.
Telefonica Deutschland Holding AG (O2D) rose 3.1 percent after UBS AG added the shares to its most preferred list. Daimler AG (DAI) fell 0.9 percent after Bank of America Corp. put the stock on its list of least preferred auto shares. Deutsche Telekom AG (DTE) lost 2.2 percent after agreeing to buy GTS Central Europe for 546 million euros ($730 million) and Goldman Sachs Group Inc. separately downgraded the German telephone-service provider.
The DAX (DAX) slipped 0.1 percent to 9,069.97 at 9:48 a.m. in Frankfurt. The index gained 0.8 percent last week after the European Central Bank unexpectedly cut its main refinancing rate by 25 basis points to 0.25 percent and a report showed U.S. payrolls rose in October more than expected. The broader HDAX Index was little changed today.
“Indexes are moving to the downside on buyers’ fatigue after a rally to new highs last week,” Ion-Marc Valahu, a co-founder and fund manager at Clairinvest in Geneva, wrote in an e-mail. “The strong U.S. data on Friday is worrying markets on how soon the taper will start.”
In China, industrial production jumped 10.3 percent in October from a year earlier, the National Bureau of Statistics said Nov. 9. That was higher than September’s 10.2 percent and exceeded the 10 percent median projection of economists surveyed by Bloomberg. Inflation was a less-than-forecast 3.2 percent and producer prices fell 1.5 percent.
President Xi Jinping and top Communist Party leaders have gathered in Beijing for a meeting known as the third plenum to outline a blueprint to sustain growth and drive urbanization in the world’s second-biggest economy. The meeting of about 370 officials will conclude tomorrow.
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