German Stocks Are Little Changed; ThyssenKrupp DeclinesTrista Kelley
German stocks were little changed, ending the day at a seven-week low, with ThyssenKrupp AG falling and Volkswagen AG rising.
ThyssenKrupp dropped 2.5 percent, the biggest decline in the DAX Index, after HSBC Holdings Plc lowered its rating on the shares. Volkswagen rose following five straight days of losses after people familiar with the matter said the carmaker was considering raising its stake in Swedish truckmaker Scania AB.
The DAX lost less than 0.1 percent to 9,116.32 at the close of trading in Frankfurt after earlier rising as much as 0.3 percent and falling as much as 0.5 percent. The gauge has lost 6.4 percent from its all-time high on Jan. 17 amid weaker Chinese economic data, reduced Federal Reserve bond purchases and a drop in emerging-market currencies. The broader HDAX Index slipped 0.1 percent today.
ThyssenKrupp fell 2.5 percent to 18.43 euros. HSBC downgraded the steelmaker to underweight, the equivalent of a sell, from neutral. The brokerage said the stock got ahead of improvements and exposure to volatile businesses increases operating risk.
Volkswagen gained 0.7 percent to 184.60 euros. The world’s second-largest carmaker may raise its majority stake in Scania to deepen ties with its two other commercial-vehicles units, according to people familiar with the matter. Buying Scania’s remaining shares would cost 41.8 billion kronor ($6.4 billion), based on yesterday’s closing stock price. Scania jumped 6.3 percent today.
Commerzbank AG climbed 0.8 percent to 12.60 euros and Deutsche Bank AG advanced 0.6 percent to 35.14 euros as a gauge of bank stocks in the Stoxx Europe 600 Index posted the second-biggest rally among 19 industry groups.