German Stocks Fall; Hamburger Hafen, ProSiebenSat.1 DropJonathan Morgan
German stocks dropped, with the benchmark DAX Index retreating for a second day, as data showed euro-area industrial output declined in September more than economists forecast.
Hamburger Hafen & Logistik AG, the handler of about three in four containers at Hamburg’s port, fell 2.9 percent after posting lower nine-month profit. ProSiebenSat.1 Media AG slid 4 percent after KKR & Co. and Permira Advisers LLP sold 35 million shares in the broadcaster. Hochtief AG rose 3.6 percent after reporting an increase in nine-month pretax profit.
The DAX fell 0.2 percent to 9,054.83 at the close of trading in Frankfurt, after earlier losing as much as 1.1 percent. The gauge rose 0.8 percent last week after better-than-forecast U.S. economic growth and payrolls data. It has gained 19 percent this year as central banks around the world pledged to leave interest rates low for a prolonged period. The broader HDAX Index dropped 0.3 percent today.
“We have a short-term overbought situation from the gains of the last few weeks,” Sophia Wurm, a technical analyst at Commerzbank AG in Frankfurt, said in a telephone interview. “The index is now in a short-term consolidation. Because of the overbought situation, news flow such as the industrial output data is being used an excuse for profit-taking.”
Factory production in the 17-nation region fell 0.5 percent from August, the European Union’s statistics office in Luxembourg said today. That exceeded the median forecast in a Bloomberg News survey of 32 economists for a 0.3 percent drop. Output in Germany, the euro region’s largest economy, fell 0.8 percent from August, according to today’s report.
Euro-area economic growth probably slowed to 0.1 percent in the third quarter from 0.3 percent in the previous three months, according to a separate Bloomberg News survey. Eurostat publishes its first estimate of third-quarter gross domestic product tomorrow.
Hamburger Hafen & Logistik retreated 2.9 percent to 17.42 euros after it said nine-month profit dropped 16 percent as the modernization of a terminal drove up costs. Earnings before interest and taxes fell to 121.4 million euros ($163 million) from 143.8 million euros, according to a company statement.
ProSiebenSat slid 4 percent to 32.09 euros. KKR and Permira sold shares at 31.53 euros apiece, according to terms obtained by Bloomberg News.
Deutsche Bank AG and Commerzbank, Germany’s two biggest lenders, dropped 0.6 percent to 34.11 euros and 2.4 percent to 10.09 euros, respectively, as a gauge of banking stocks posted the third-worst performance of the 19 industry groups in the Stoxx Europe 600 Index.
Stada Arzneimittel AG tumbled 5.5 percent to 37.88 euros, its biggest drop since August 2012. The generic-drug maker said third-quarter net income, adjusted for some one-time effects, declined about 16 percent to 30.2 million euros.
Hochtief added 3.6 percent to 68.41 euros. The German builder controlled by Spain’s Actividades de Construccion & Servicios SA said nine-month pretax profit doubled to 705.8 million euros and confirmed its guidance for 2013.