German Stocks Pare Losses; Benchmark DAX Little Changed
German stocks were little changed, erasing earlier losses, as investor confidence fell and euro- area finance ministers failed to reach agreement with the International Monetary Fund on how Greece will repay its debt.
EON AG, Germany’s biggest utility, plunged 12 percent after lowering its earnings forecast for 2013. K+S AG (SDF) slid 4.9 percent after predicting that 2012 sales and profit will only reach the bottom of a forecast range.
The DAX Index fell 0.1 percent to 7,160.93 at 4:43 p.m. in Frankfurt, after earlier falling as much as 1.3 percent. The equity benchmark has still rallied 20 percent from this year’s low on June 5 as the European Central Bank approved an unlimited bond-buying program and the U.S. Federal Reserve started a third round of asset purchases. The broader HDAX Index lost 0.2 percent today.
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