DAX Drifts Lower Ahead Of US Inflation Data
(RTTNews) - German stocks drifted lower on Thursday as caution crept in ahead of the release of key U.S. inflation readings that could influence the Fed's rate trajectory.
The downside remained capped after official data showed Germany's retail sales increased in August underpinned by food and non-food turnover.
Retail sales grew 1.6 percent on a monthly basis in August after a 1.5 percent gain in July and a 1.1 percent drop seen in June, Destatis reported.
On a yearly basis, retail sales posted a growth of 2.1 percent in real terms and 3.1 percent in nominal terms.
The benchmark DAX was down 56 points, or 0.3 percent, at 19,199 after rallying 1 percent in the previous session.
Automaker BMW was moving lower after sales fell the third quarter, weighed down by weak performance in China and delivery stops.
Likewise, sugar producer Sudzucker traded lower after registering a significant decline in result from operations for the second quarter, amidst higher costs and lower prices.
Deutsche Telekom rose 1.2 percent. The telecom major said it plans to propose a buyback program of as much as €2 billion ($2.2 billion) in 2025.
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