July 20, 2024

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DAX Drifts Lower Amid EU Uncertainty; Banks Lead Losses

1 min read

German stocks traded lower on Friday amid uncertainty over China’s response to EU tariffs on Chinese electric vehicles.

The shift of the EU Parliament to the right also raised questions about the future of enlargement, defense and the economy.

French Finance Minister Bruno Le Maire has warned that a new left-wing coalition coming to power in France would lead to the country’s exit from the European Union.

The benchmark DAX was down 100 points, or 0.6 percent, at 18,165 after tumbling 2 percent in the previous session.

Technology stocks traded lower, with Infineon Technologies falling 1.5 percent.

Automakers BMW, Mercedes Benz and Volkswagen were flat to slightly lower while lender Commerzbank tumbled 3.2 percent and Deutsche Bank declined 1.3 percent.

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2024-06-14 04:57:15

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