German Stocks Drop Before Investor-Confidence Report
German stocks declined, snapping a three-day rally, as SAP AG and K+S AG (SDF) dropped, outweighing a survey that signaled investor confidence in Europe’s largest economy may have increased to a four-year high.
SAP AG retreated 1 percent after Salesforce.com Inc.’s profit forecast missed analysts’ projections. K+S fell 3.1 percent as a planned deal by Billionaire Mikhail Prokhorov to purchase a stake in OAO Uralkali was seen failing to restore potash prices.
The DAX (DAX) slipped 0.3 percent to 9,194.08 at 9:40 a.m. in Frankfurt. The benchmark measure has surged 21 percent in 2013 as central banks around the world pledged to leave interest rates low for a prolonged period. The broader HDAX Index fell 0.4 percent today.
A report today will probably show investor confidence in Germany, Europe’s largest economy, increased to a four-year high in November. A gauge of investor and analyst expectations, which aims to predict economic developments six months in advance, rose to 54 this month from 52.8 in October, economists predicted before the ZEW Center for European Economic Research releases the data at 11 a.m. in Mannheim. That would be the highest reading since October 2009.
The Federal Reserve will release minutes of its October policy meeting tomorrow. The document will reveal more details behind the decision to press on with $85 billion in monthly asset purchases. Fed policy makers will probably pare that pace to $70 billion at their March 18-19 meeting, according to the median estimate in a Bloomberg survey.
The Organization for Economic Co-operation and Development will publish its global growth forecasts for its member countries and other major economies at 11 a.m. in Paris, according to its website.
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