German shares declined as economy shrank in Q4 2012

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Source: Dukascopy Bank SA
German stocks slumped the most in two months as the nation's economy shrank in the fourth quarter of 2012 on the weakening export demand and the sovereign-debt crisis. The DAX index declined 0.9% to 7,663.88, showing the biggest drop since mid-November. All but one group in the index edged lower. Only health care shares added 0.51% higher. SAP AG, the world's largest business-management software maker dropped 4% to 58.66 euros, the most in the gauge, as the company reported lower-than-expected earnings. RWE dropped 3.4% to 28.72 euros extending its losses for the fourth straight day. The Germany's second utility shares eased after JPMorgan downgraded its stock rating from neutral to underweight, pointing to sell the shares. Furthermore, E. ON SE erased 1.8% to 14 euros that was the lowest price level so far this year. Salzgitter AG, in turn, German steelmaker, lost 3.2% to 36.09 euros after Deutsche Bank AG cut its stock from buy to hold.
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