German Stocks Are Little Changed; Siemens, Hochtief Climb
Siemens AG (SIE) rose 2.2 percent after Nokia Oyj agreed to buy the German company’s stake in their joint venture for 1.7 billion euros ($2.2 billion). Hochtief AG (HOT) gained 2 percent after selling its solutions business to SPIE SA for about 250 million euros.
The benchmark DAX Index added 0.1 percent to 7,968 at 9:48 a.m. in Frankfurt. The gauge declined 4.7 percent in June as the Federal Reserve signaled it may start to pare stimulus if the U.S. economy continued to strengthen. The broader HDAX Index also added 0.1 percent today.
A report at 10 a.m. Frankfurt time may show euro-area manufacturing continued to shrink in June. The final reading for last month came in at 48.7, according to economists in a Bloomberg survey forecast. A reading below 50 signals contraction.
In the U.S., the Institute for Supply Management’s factory index probably rose to 50.5 in June from 49 in the previous month, which was the lowest since June 2009, according to the median estimate in a Bloomberg News survey.
In China, an official PMI dropped to 50.1, the lowest level in four months, from 50.8 in May, the National Bureau of Statistics and China Federation of Logistics and Purchasing said.
To contact the reporter on this story: Tom Stoukas in Athens at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com