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German stocks are down in negative territory on Friday in cautious trade amid concerns about a possible downgrade of France’s sovereign rating. Optimism about an interest rate cut by the Federal Reserve next week helps limit market’s downside.<\/p>\n
The benchmark DAX, which advanced to 23,795.88 earlier, was down 57.45 points or 0.24% at 23,635.88 a little while ago.<\/p>\n
Commerzbank is down 2.1%, while Volkswagen, Mercedes-Benz, Porsche Automobil Holding and BMW are down 1.8 to 2%.<\/p>\n
Siemens Energy, Heidelberg Materials, Bayer and Infineon Technologies are lower by 1 to 1.4%, while Symrise is down nearly 1%. Continental, Siemens, Adidas, Deutsche Bank and Merck are down with moderate losses.<\/p>\n
Hannover Rueck is gaining about 2.1%. Munich RE, E.ON, Qiagen, MTU Aero Engines and Vonovia are up 0.4 to 1%.<\/p>\n
SAP is gaining about 0.25%, recovering a bit from early weakness. The company has announced that it has completed the acquisition of SmartRecruiters, a leading provider of enterprise-grade talent acquisition software.<\/p>\n
Data from Destatis showed Germany’s consumer price inflation increased as initially estimated in August to the highest level in five months.<\/p>\n
The consumer price index rose 2.2% year-on-year following a 2% rise in each of the previous two months. That was in line with the flash data published on August 29.<\/p>\n
Core inflation, which excludes food and energy prices, remained stable at 2.7%, as estimated.<\/p>\n
The harmonized index of consumer prices, or HICP, rose 2.1% year-on-year following a 1.8% increase in July, confirming the earlier estimate. On a month-on-month basis, the HICP edged up 0.1% after a 0.4% increase in July. <\/p>\n<\/p>\n<\/div>\n