German Stocks Little Changed After Best Weekly Since July
German stocks dropped, after the benchmark DAX Index (DAX) posted its biggest weekly gain in eight weeks, as investors awaited a decision from U.S. lawmakers on whether to take military action in Syria.
Kabel Deutschland Holding AG (KD8) slipped 1 percent after a report that Vodafone Group Plc’s bid for the company may collapse because of insufficient shareholder support for the offer. Munich Re added 3.2 percent as Bank of America Corp.’s Merrill Lynch unit recommended that investors buy the shares.
The DAX Index lost 0.1 percent to 8,265.84 at 9:55 a.m. in Frankfurt. The equity benchmark gained 2.1 percent last week as manufacturing growth in the U.S. and China, the world’s two largest economies, beat projections. The broader HDAX Index also decreased 0.1 percent today.
U.S. President Barack Obama will attempt to persuade a skeptical Congress this week to support air strikes against the regime of Bashar al-Assad. He failed to win backing from foreign leaders at last week’s Group of 20 summit for military action in response to a chemical-weapons attack.
China’s exports rose 7.2 percent in August from a year earlier, according to a report from the General Administration of Customs in Beijing. That exceeded the 5.5 percent median estimate of analysts surveyed by Bloomberg.
To contact the reporter on this story: Sofia Horta e Costa in London at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com