BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks were moving lower on Friday after data showed German exports declined unexpectedly in August.
Exports decreased 1.2 percent month-on-month in August, in contrast to the 0.6 percent rise in July, Destatis reported. Economists had forecast a monthly growth of 0.5 percent.
At the same time, imports rebounded 3.5 percent, following a 3.6 percent fall in the previous month. As a result, the trade surplus declined to a seasonally adjusted EUR 13.0 billion from EUR 17.7 billion a month ago.
The benchmark DAX dropped 37 points, or 0.2 percent, to 15,214 after rallying 1.9 percent in the previous session.
Travel company TUI Group slumped almost 14 percent. The company unveiled plans to raise more than 1 billion euros in capital in order to help pay off more than substantial state-backed loans taken during the pandemic.
Automakers were gaining ground, with Daimler rising as much as 2.7 percent.
Evotec SE, a drug discovery and development company, rose half a percent. The company said it will receive a payment of $9 million, following an expansion of its collaboration with pharmaceutical company Bristol Myers Squibb (BMY), comprising a new cell type innovation.
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