DAX Declines As Automakers Drag
(RTTNews) - German stocks fell sharply on Thursday as automotive companies posted disappointing earnings results and a survey showed the downturn in Germany's manufacturing sector accelerated in July.
The HCOB final Purchasing Managers' Index (PMI) dropped to 43.2 from 43.5 in June, above a preliminary flash estimate of 42.6.
The benchmark DAX was down 218 points, or 1.2 percent, at 18,290 after gaining half a percent the previous day.
BMW slumped 4.6 percent after its auto unit reported slightly lower-than-forecast profitability in the second quarter.
Peer Volkswagen declined 2.4 percent after second-quarter operating profit fell amid higher costs. Mercedes Benz shed 2.9 percent.
Daimler Truck tumbled 3.3 percent after cutting its FY outlook.
DHL owner Deutsche Post plunged 4.1 percent after reporting its earnings results for the second quarter.
Science and technology major Merck KGaA rose over 1 percent after maintaining its recently revised FY24 view.
Fashion house Hugo Boss surged 4 percent after confirming the 42 percent drop in its second-quarter operating profit.
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