German Stocks Advance as Investors Await U.S. Jobs Data
German stocks declined, erasing earlier gains, as a report showed U.S. payrolls rose in January less than expected.
Hugo Boss AG (BOSS) fell 1.6 percent after the luxury-clothing maker posted fourth-quarter revenue that missed analysts’ estimates. Daimler AG (DAI) rose 1.2 percent as Chief Executive Officer Dieter Zetsche said the automaker will increase the price of some models. ThyssenKrupp AG (TKA) climbed 1.1 percent as peer ArcelorMittal, the world’s biggest steelmaker, forecast profit will grow 16 percent this year.
The DAX Index (DAX) retreated 0.2 percent to 9,236.33 at 2:35 p.m. in Frankfurt, extending its weekly loss to 0.7 percent. The index has slipped 5.1 percent from its record on Jan. 17 amid a sell-off in emerging-market currencies and signs of slowing economic growth in China. The HDAX Index fell 0.1 percent today.
The 113,000 gain in U.S. payrolls followed a revised 75,000 increase the prior month, Labor Department figures showed today in Washington. The median forecast of economists in a Bloomberg survey called for a 180,000 advance. The unemployment rate unexpectedly fell to 6.6 percent, the lowest since October 2008.
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