Market News

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European stocks extended their losses on Wednesday on disappointing results in the earning season pairing with political conflict between France and Germany over the single currency exchange rate. The DAX index dropped 0.1%, or 77.61 points, to 7,590.12 by 17:19 p.m. in Frankfurt. All but one group in the benchmark index inched lower. Merck KGaA paired biggest losses as it fell as much as 2.1% to 99 euros adding to a decline in the health care shares that were 2% down, second biggest drop in the index. Among worst performers was also Bayer and Fresenius SE & Co both contributing do a decrease in health care shares. Only four blue chip companies listed in the index advanced with Deutsche Lufthansa,  a provider of passenger and cargo air transportation services, jumped 2.9% to pace gains in the consumer services group that rose 2.2%. Furthermore, Daimler AG climbed 1.4% to halt further decline in the consumer goods shares that erased 2.4%, while Deutsche Post added 0.4%, capping further losses in industrial shares.