BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks slipped into red on Thursday after the latest economic reports underscored the coronavirus' devastating blow to Europe's largest economy.
German consumer confidence is set to reach a historic low in May due to the coronavirus pandemic and the control measures taken to curb the virus, survey results from the market research group GfK showed.
The forward-looking consumer sentiment index fell to -23.4 in May from revised 2.3 points in April. The survey was conducted in the first two weeks of April, when consumers started feeling the full impact of the containment measures.
Separately, the German private sector shrank the most on record in April as both services and manufacturing recorded decreases in output due to the Covid-19 lockdown, flash survey results from IHS Markit showed.
The headline flash composite output index declined to 17.1 from 35.0 in March. This was the lowest reading since comparable data were first compiled more than 22 years ago.
The flash manufacturing Purchasing Managers' Index fell sharply to a 133-month low of 34.4 while the services PMI reached a record low of 15.9.
The benchmark DAX dropped 33 points, or 0.31 percent, to 10,380 after rising rising 1.6 percent on Wednesday.
Wirecard shares soared 6.6 percent. The payments company said auditing firm KPMG did not find any manipulation in its audit of the company's operations in India, Singapore, Third Party Partner Business, Merchant Cash Advance and Digital Lending divisions.
Automaker Daimler gained 0.8 percent. The company reported a fall in Q1 preliminary EBIT and said it expects total unit sales and revenue for 2020 to be lower compared to last year.
Vonovia SE, a residential property company, eased half a percent. 'Acquisitions are an integral part of our strategy, and we constantly monitor and analyze potential opportunities as a matter of course,' the company said in reaction to reports about a possible takeover of Deutsche Wohnen. Shares of the latter jumped 5 percent.
Software AG advanced 1.5 percent. The enterprise software company expects to deliver a solid performance in the first half of 2020, but sees limited visibility in the second half of the year. The company has confirmed its 2023 ambitions.
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