BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks edged lower on Wednesday after data showed the country's industrial output fell unexpectedly in August, indicating the recovery from the coronavirus recession is likely to be gradual and uneven.
Meanwhile, after U.S. President Donald Trump abruptly ended talks on a stimulus bill, investors are now pinning hopes on a major stimulus package after the election.
National opinion polls show Biden with a consistent lead on Trump ahead of the Nov 3 Election Day, helping limit the downside to some extent.
The benchmark DAX was marginally lower at 12,899 in early trade after rising 0.6 percent in the previous session.
TUI AG shares tumbled 5 percent. The travel and tourism company said Birgit Conix, a member of the Executive Board and Chief Financial Officer, will leave the company as of 31 December 2020.
Deutsche Telekom dropped half a percent. The German telecommunications company and Telefónica Deutschland have signed a ten-year contingent contract for an early extension of existing cooperation in the fixed network.
Luxury car maker BMW edged down 0.3 percent. The company reported that its third-quarter total vehicle sales increased 8.6 percent from last year.
Dialog Semiconductor rallied 2.8 percent after saying it expects to report higher than anticipated revenue in its third quarter.
In economic releases, German industrial production dropped 0.2 percent on a monthly basis in August, in contrast to a 1.4 percent rise posted in July, data from Destatis revealed. Economists had forecast an increase of 1.5 percent.
On a yearly basis, industrial production decreased 9.6 percent following a 10 percent drop in July.
Copyright RTT News/dpa-AFX
© 2020 AFX News
