DAX Drifts Lower In Cautious Trade
(RTTNews) - German stocks are down in negative territory Friday morning with investors digesting the nation's unemployment data. The mood is cautious amid persisting concerns about geopolitical tensions due to the ongoing unrest in the Middle East, and potential tariff hikes by the U.S.
The benchmark DAX is down 66.50 points or 0.33% at 19,958.16, about 40 points off a low of 19,918.64 it touched earlier.
Germany's jobless rate remained unchanged in November, the labor force survey results from Destatis showed on Friday.
The unemployment rate came in at adjusted 3.4% in November, unchanged from October. The number of unemployed decreased 2,000 on month to 1.52 million.
On an unadjusted basis, unemployment increased 138,000 or 10.1% from the previous year. The jobless rate rose to 3.3% from 3.1% last year.
Further, data showed that employment was almost unchanged in November compared to last year. Employment remained at previous year's level for the third consecutive month, Destatis said.
Infineon is down nearly 2%. MTU Aero Engines is declining 1.4% and BASF is down by about 1.1%.
BMW, Volkswagen, SAP, Siemens, Porsche, Rheinmetall, Zalando, Brenntag, Fresenius and HeidelbergCement are down 0.5 to 1%.
RWE is rising 1.7%. Deutsche Telekom, Deutsche Bank, Munich RE, Allianz and Hannover Ruek are gaining 0.3 to 0.8%.
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