German shares drop as bank-liquidity regulation eased

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Source: Dukascopy Bank SA
German shares dropped on speculation the U.S. budget bill won't diminish the fiscal deficit fast enough to offset profits in creditors after easing the bank regulation. The DAX index erased 0.5% to 7,734.18. However, the benchmark index has advanced 1.6% this year. Two out of nine sectors shrank in the gauge. A nearly 1% drop in technology sector was mainly driven by Infineon Technologies that lost 3.2% after Bank of America downgraded company's stock to underperform. Furthermore, RWE AG, the second largest utilities company in Germany, tumbled 2.1% after HSBC Holdings cut RWE's stock rating from overweight to neutral. Alongside to that, financials shares were lifted by Commerzbank AG and Deutsche Bank AG with their shares rallying 3.23% and 3.02%, respectively, as global central bank decided to ease the bank-liquidity regulation and delay the more strict requirements by four years. Daimler AG, the German maker of luxury cars and trucks, was also among best performers by surging 1.2%.

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