BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks edged lower in cautious trade on Wednesday even as ECB President Mario Draghi defended unconventional monetary policy, saying QE and forward guidance have been a success.
With geopolitical tensions running high and U.S. President Donald Trump signaling the possible termination of the NAFTA treaty with Mexico and Canada, investors also ignored positive flash survey data from IHS Markit.
The report showed that German private sector activity expanded at a faster pace in August, as output growth strengthened in both the manufacturing and service sectors. The composite output index climbed to a 2-month high of 55.7 from 54.7 in July.
The benchmark DAX was down 11 points or 0.09 percent at 12,218 in late opening deals after rallying as much as 1.4 percent in the previous session.
Air Berlin shares rallied 2 percent after Ryanair said it would be interested in bidding for the whole of the insolvent German carrier.
Copyright RTT News/dpa-AFX