German shares decline as Italy's debt downgraded

Source: Dukascopy Bank SA
German shares erased their earlier gains, stepping down from their highest level in five years on speculation Fitch Ratings cut Italy's debt, outweighing positive data on European exports. The DAX Index tumbled 0.1% to 7,976.21 by 5:12 p.m. in Frankfurt. Six out of nine groups posted losses. Merck KGaA declined the most in the benchmark gauge, as it traded at 112.05 euros, down 2%. The company tumbled from its high on Friday on news its next drug approval will not be reached until 2016. Deutsche Bank followed with a 1.6% drop to drag down financial shares that lost 1%. Furthermore, Linde AG eased 1.5% and paced losses in basic materials group. Alongside to that, Henkel AG & Co KGaA, a producer of Persil detergent, jumped 2% to 72.01 euros, posting the biggest gain on DAX. Adidas AG added to a 0.4% increase in consumer goods, as it advanced 1.7% to 77.74 euros.


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