BRUSSELS (dpa-AFX) - Germany's equity benchmark DAX slipped on Tuesday as stocks fell amid concerns about political uncertainty and lingering worries about oil prices due to the conflict in the Middle East. Additionally, prospects of a rate hike by the European Central Bank this week hurt as well.
In German political news, the far-right AfD achieved a historic win in a state election. Chancellor Friedrich Merz said he is 'deeply shocked' by the overwhelming AfD election win. 'Not only did something change in Saxony-Anhalt yesterday but throughout all Germany. It will have repercussions, including on the international stage.'
Brent crude futures rose to $99.46 a barrel before easing to $98.70, but still remained sharply up in positive territory, gaining about 1.8% over previous close.
The DAX, which dropped to 25,800.82 earlier in the session, was down 57.22 points or 0.22% at 25,924.57 nearly half an hour before noon.
Infineon Technologies dropped by about 3.4%. Munich RE, Hannover RE and Heidelberg Materials drifted lower by 1.8%-2%.
Allianz, Deutsche Bank, Continental, Adidas, Siemens Energy, Vonovia and E.ON lost 0.6%-1%.
Fresenius moved up 3.7%. Volkswagen, Brenntag, BMW, BASF and Beiersdorf gained 1.5%-2%. Symrise, Fresenius Medical Care, Deutsche Telekom, Rheinmetall, Zalando and Bayer posted moderate gains.
Data from Destatis showed Germany's exports decreased for the first time in six months in July but the trade surplus increased more than expected due to the sharp fall in imports.
Exports decreased 0.8% on a monthly basis in July, in contrast to the 0.9% increase in June, Destatis said. Exports were expected to remain flat in July. Similarly, imports declined 5.7%, reversing June's 4.5% increase.
As a result, the trade surplus rose to EUR 21.3 billion in July from EUR 15.4 billion in June. The surplus was seen at EUR 16 billion. In the same period last year, the surplus was EUR 16.8 billion.
On a yearly basis, exports growth eased sharply to 6% from 13.9% in June. Likewise, imports rose 3.1%, much weaker than prior month's 14% increase.
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