German Stocks Erase Advance as Adidas Drops on ForecastJonathan Morgan
German stocks erased their advance as Adidas AG dropped after posting net income that fell short of analysts’ estimates.
Adidas slipped 1.9 percent after the world’s second-largest sporting-goods maker lowered its forecasts for 2013, citing slow sales in Europe and unfavorable currency markets. Commerzbank AG jumped 5.8 percent after Germany’s second-biggest bank reported second-quarter profit that exceeded analysts’ estimates. Deutsche Telekom added 4.1 percent after second-quarter sales beat forecasts.
The DAX Index decreased 0.1 percent to 8,254.35 at 9:35 a.m. in Frankfurt, erasing an advance of as much as 0.3 percent. The equity benchmark has fallen for five consecutive days, its longest losing streak since April. The broader HDAX Index slipped less than 0.1 percent today.
China’s exports and imports rebounded in July more than estimated. Exports rose 5.1 percent from a year earlier, the General Administration of Customs said in Beijing today. That compared with the median estimate for a 2 percent increase in a Bloomberg News survey and June’s 3.1 percent drop. Imports rose 10.9 percent.