German stocks declined, even as the benchmark DAX Index completed its biggest weekly rally in five months, as U.S. data showed the world’s largest economy grew slower than estimated in the first quarter.
Deutsche Bank AG and Commerzbank AG, Germany’s largest lenders, each fell more than 1.5 percent. Puma SE retreated for a third day after sales at the maker of sports footwear dropped in the first quarter. BASF SE advanced the most in seven months as the world’s biggest chemical company said quarterly profit increased more that analysts had predicted.
The DAX lost 0.2 percent to 7,814.76 at the close of trading in Frankfurt as all but four of the shares on the benchmark retreated. The gauge still gained 4.8 percent this week as data showed the U.K. avoided a triple-dip recession and investors speculated the European Central Bank will cut interest rates. The broader HDAX Index slipped 0.3 percent today.
“Traders have been taken by surprise because the rebound was quite sharp in the past few trading days,” said Matthias Jasper, head of equities at WGZ Bank AG in Dusseldorf. “We’ve returned to what I would call normality now. My confidence has been shaken a bit, though I’m still optimistic. We’re looking at a full calendar of economic data and German companies reporting next week which should provide support for equity markets.”
The volume of shares changing hands in companies listed on the DAX was 37 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
U.S. gross domestic product rose at a 2.5 percent annual rate, lower than forecast, after a 0.4 percent fourth-quarter advance, Commerce Department figures showed. The median estimate of 86 economists surveyed by Bloomberg called for a 3 percent gain.
Deutsche Bank lost 1.9 percent to 32.35 euros and Commerzbank declined 3.4 percent to 10.20 euros.
Puma SE retreated 0.7 percent to 230.30 euros today. Sales fell 2.3 percent in the first quarter, said majority stakeholder PPR in a statement late yesterday.
Loewe AG plunged 26 percent to 2.15 euros, its biggest decline since it sold shares to the public in July 1999. The television maker reported a loss of 9.9 million euros ($13 million) for the first quarter as sales dropped 35 percent.
BASF SE jumped 3.7 percent to 72.59 euros, its biggest advance since September 2012. First-quarter earnings before interest, taxes and one-time items increased 10 percent to 2.21 billion euros, exceeding the 2.09 billion euros predicted by analysts in a Bloomberg survey.