German Stocks Decline, Paring Weekly Gain for DAX
German stocks declined, paring the biggest weekly rally in five months for the benchmark DAX Index, as bank shares slid.
Deutsche Bank AG and Commerzbank AG, Germany’s largest lenders, each fell at least 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 (BAS) advanced to a one-month high as the world’s biggest chemical company posted quarterly profit increased more that analysts had predicted.
The DAX lost 0.2 percent to 7,816.79 at 9:56 a.m. in Frankfurt. The gauge has still gained 4.8 percent 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 also slipped 0.3 percent today.
The volume of shares changing hands in companies listed on the DAX was 34 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
In the U.S., a report may show gross domestic product rose at a 3 percent annualized rate in the first quarter after expanding at a 0.4 percent pace in the final three months of 2012, according to the median forecast of 86 economists in a Bloomberg survey. The Commerce Department will release the figures at at 8:30 a.m. in Washington.
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