German Stocks Little Changed Before European, U.S. Data
German stocks were little changed as investors awaited reports on euro-area economic confidence and U.S. consumer sentiment.
Adidas AG (ADS), the world’s second-largest maker of sporting goods, rose 0.8 percent after Nike Inc. beat profit estimates. HeidelbergCement AG (HEI) declined 2.6 percent as HSBC Holdings Plc advised investors to reduce holdings in the company.
The DAX Index (DAX) lost 0.2 percent to 8,647.59 at 10:56 a.m. in Frankfurt, for a weekly decline of 0.3 percent. The benchmark index has gained 14 percent this year as the European Central Bank said that interest rates will remain low for an extended period and manufacturing and gross domestic product data in Europe beat estimates. The HDAX Index fell 0.1 percent today.
The volume of shares changing hands in DAX-listed companies was 26 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
Economic confidence in the euro area rose to its highest level in more than two years this month, according to the median forecast of 26 economists surveyed by Bloomberg before a report.
In the U.S., data due at 9:55 a.m. New York time may show the Thomson Reuters/University of Michigan’s final September gauge of sentiment climbed to 78 from 76.8 in the preliminary report, according to the median estimate of 64 economists surveyed by Bloomberg.
Adidas climbed 0.8 percent to 79.95 euros. Nike Inc., the world’s largest sporting-goods company, posted fiscal first-quarter profit that topped analysts’ estimates after demand for running and basketball shoes helped North American sales.
HeidelbergCement fell 2.6 percent to 57.71 euros. HSBC cut its recommendation on the world’s third-largest maker of cement to neutral, similar to hold, from overweight, saying that a slowdown in emerging markets will sustain market oversupply.
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