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German Stocks Drop for First Time in Three Days

German stocks dropped for the first time in three days as automotive group shares declined investors weighed reports on industrial production from China to Italy and the U.K.

Continental AG and Bayerische Motoren Werke AG slid at least 1.3 percent. ElringKlinger AG fell after DZ Bank AG advised investors to sell shares in the auto-parts maker. Evotec AG climbed 2.7 percent after getting a milestone payment from an alliance with Boehringer Ingelheim GmbH.

The benchmark DAX Index lost 0.9 percent to 9,114.44 at the close in Frankfurt. The gauge has retreated 3.1 percent so far this month amid concern the Federal Reserve may consider paring its stimulus soon. The broader HDAX Index also slipped 0.9 percent today.

The volume of shares changing hands in DAX-listed companies was 8.7 percent lower than the average of the past 30 days, data compiled by Bloomberg showed.

In China, industrial output increased 10 percent in November from a year earlier, for the fourth successive month of double-digit gains, data from the National Bureau of Statistics showed in Beijing. Production in the U.K. and Italy rose for a second month in October, separate reports showed.

Continental, Europe’s second-biggest auto-parts supplier, retreated 1.6 percent to 152.55 euros. Bayerische Motoren Werke AG, the world’s largest maker of luxury cars, fell 1.3 percent to 81.05 euros. Preferred shares of Volkswagen AG, Europe’s biggest automaker, declined 1.6 percent to 190.60 euros.

A gauge of automotive-industry shares posted the biggest retreat among the 19 groups in the Stoxx Europe 600 Index, the regional benchmark.

ElringKlinger Outlook

ElringKlinger dropped 0.9 percent to 29.28 euros. DZ Bank downgraded the shares to sell from hold, citing a higher risk that full-year results may disappoint.

Sky Deutschland AG, the German pay-television provider controlled by Rupert Murdoch’s News Corp., retreated 1.6 percent to 7.99 euros after Goldman Sachs Group Inc. downgraded the shares to buy from conviction buy.

Commerzbank AG advanced 2.7 percent to 11 euros. JPMorgan Chase & Co. raised its price estimate for the stock to 10.26 euros from 8.87 euros. Germany’s second-largest lender will benefit from a recovery in the shipping business, though it also faces a greater risk than its peers because of the poor quality of its credit to the industry, the brokerage said in a note.

Evotec gained 2.7 percent to 4.18 euros. The Hamburg-based drug-research company received 4 million euros from Boehringer after an oncology molecule being jointly developed by the two moved into the pre-clinical stage.

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