Lanxess AG (LXS) lost 2.2 percent after Barclays Plc lowered its rating on the chemicals company to the equivalent of a sell. Allianz SE (ALV) dropped 1.6 percent after DZ Bank AG recommended investors sell shares of Europe’s largest insurer.
The DAX Index (DAX) lost 0.3 percent to 9,690.52 at 10:20 a.m. in Frankfurt. The gauge has advanced 1.5 percent so far this year as the World Bank and the International Monetary Fund raised their forecasts for global growth. The broader HDAX Index also retreated 0.3 percent today.
Preliminary data from HSBC Holdings Plc and Markit Economics showed Chinese manufacturing probably contracted in January, for the first time in six months. The initial reading of 49.6 fell below all 19 economist estimates in a Bloomberg News survey. A number smaller than 50 means activity contracted.
An index based on a survey of purchasing managers in the euro-area manufacturing industry increased to 53.9 from 52.7 in December, London-based Markit Economics said in a statement today. The median estimate in a Bloomberg News survey was for a reading of 53.
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