DAX Little Changed As Consumer Sentiment Hits New Record Low
(RTTNews) - German stocks were little changed on Wednesday after a survey showed the country's consumer sentiment will hit a fresh low in August.
GfK's forward-looking barometer fell to -30.6 from revised -27.7 in July as fears of an impending recession and high inflation dampened economic and income expectations. The score was forecast to fall to -28.9.
Consumers are not only concerned about supply chain issues, the Ukraine war and rising energy food prices, but also fear about adequate gas supply for the economy and private households next winter, Rolf Bürkl, GfK consumer expert said.
The benchmark DAX was marginally higher at 13,102 after declining 0.9 percent the previous day.
Sportswear brand Adidas slumped 4.5 percent after cutting its FY22 outlook.
Deutsche Bank tumbled 3.7 percent. The bank has warned of economic risks after posting a better-than-expected 51 percent rise in second-quarter profit.
Chemical company BASF fell about 1 percent despite lifting its guidance for full-year revenues.
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