BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks were subdued on Monday as investors cheered Deutsche Bank AG's restructuring plan, helping offset fading hopes of an aggressive rate cut by the Federal Reserve.
The benchmark DAX was down 10 points at 12,557 in opening deals after losing around half a percent on Friday.
Deutsche Bank shares rose nearly 1 percent as the lender launched a major overhaul with plans to slash 18,000 jobs globally.
Evotec shed 0.4 percent after it formed Breakpoint Therapeutics GmbH, a spin-off company focusing on the development of Evotec's DNA damage response or 'DDR' portfolio.
In economic releases, German industrial output grew 0.3 percent month-on-month in May, reversing a revised 2 percent fall in April, official data showed. The rate of growth came in line with expectations.
On a yearly basis, industrial output decreased 3.7 percent after easing 2.3 percent a month ago. Output was forecast to drop 3.2 percent.
Another report showed that German exports advanced 1.1 percent month-on-month in May, in contrast to a 3.4 percent decrease in April. Shipments were forecast to advance 0.8 percent.
Imports dropped unexpectedly by 0.5 percent, following a 0.9 percent drop in April. Economists had forecast a 0.4 percent increase.
As a result, the trade surplus increased to EUR 18.7 billion from EUR 16.9 billion in the previous month.
Separately, the Sentix economic index for Eurozone fell to -5.8 from -3.3 in June, marking its lowest level since November 2014. Economists had forecast an improvement to 0.2.
Both the current assessment and expectations indexes of the survey declined.
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