German shares bearish; Infineon Technologies limits losses

Source: Dukascopy Bank SA
© Scanpix/Reuters
German equities dropped from a five-week high after US House Republicans cancelled vote on a tax hike for wealthy individuals, raising concerns that US lawmakers will not manage to agree on the next year's budget. Negative data from the UK and weakness of Asian equities also weighed on German shares. The DAX Index lost 0.53% to trade at 7,627.94 at 11:30 GMT. All industries within the index sank. Among gainers, Infineon Technologies jumped 0.82% after JPMorgan Chase & Co. lifted the company's stock recommendation to ‘overweight', equivalent to ‘buy' rating. Moreover, JPMorgan Chase & Co. raised price estimate for the firm from EUR4.50 to EUR9, citing strong position of Infineon Technologies in auto and industrial markets. Meanwhile, the top-losers were banks and technology firms. Commerzbank and Deutsche Bank led losses, plunging 3.61% and 2.58%, while SAP dipped 0.93%.


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