German Stocks Little Changed After DAX Closes at Record

German stocks were little changed as investors weighed equity gains after the benchmark DAX Index (DAX) rose for four straight days to a record.

Beiersdorf AG (BEI) added 1.1 percent after the maker of Nivea skin cream posted its strongest annual sales growth in five years. Commerzbank AG (CBK) slipped 0.7 percent after closing at its highest price in 21 months.

The DAX Index lost 0.1 percent to 9,724.3 at 9:40 a.m. in Frankfurt. The benchmark gauge has advanced 3.2 percent since Jan. 9 as the U.S. unemployment rate unexpectedly fell and banks and utilities rallied. The German equity benchmark is trading at 13.4 times its member’s projected earnings, more than the 11.8 times average multiple of the past five years, data compiled by Bloomberg showed.

The broader HDAX Index fell 0.1 percent today, after also closing at its highest level since inception yesterday. The volume of shares changing hands in DAX-listed companies was 43 percent greater than the average of the last 30 days, according to data compiled by Bloomberg.

A U.S. Labor Department report at 8:30 a.m. Washington time will probably show that applications for jobless benefits in the world’s largest economy slipped to 328,000 in the week ended Jan. 11, the fewest since November, according to the median economist estimate in a Bloomberg survey.

To contact the reporter on this story: Sofia Horta e Costa in London at shortaecosta@bloomberg.net

To contact the editor responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net

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