German stocks pared their decline as a report showed that the country’s service industries expanded last month at a faster-than-expected rate.
Beiersdorf AG dropped 1.6 percent as the maker of Nivea skin cream followed European personal and household-goods stocks lower. Salzgitter AG climbed 3.4 percent after Citigroup Inc. raised its recommendation on the steelmaker.
The DAX Index lost 0.1 percent to 9,581.33 at 10:07 a.m. in Frankfurt, paring a slide of as much as 0.5 percent. The benchmark jumped 2.5 percent yesterday after Russian President Vladimir Putin said he saw no need to invade eastern Ukraine or annexe the Crimean peninsula. German equities plunged 3.4 percent on March 3 after Russia’s parliament granted Putin the authority to use force in the country. The broader HDAX Index retreated less than 0.1 percent today.
In Germany, a purchasing managers’ index of services industries from Markit Economics rose to 55.9 in February, more than the median economist estimate of 55.4. Readings above 50 mean that activity increased.
In the U.S., an ADP Research Institute report at 8:15 a.m. New York time may show that companies hired 155,000 workers in February, economists in a Bloomberg News survey predicted. They took on 175,400 in January. The Labor Department releases its payrolls and unemployment report on Friday.
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