German stocks drop as eurozone falls into recession

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Source: Dukascopy Bank SA
© Scanpix/Reuters
German stocks slumped on Thursday after the eurozone's GDP contracted in Q3, indicating that the region's economy fell into recession. However, German preliminary GDP grew by 0.2% versus a forecast of a 0.1% increase. Meanwhile, weakness in the US stocks coupled with looming US fiscal battles added pressure on the German blue chips index. The DAX Index dropped 0.53% and is trading at 7,064.46. Only two in nine sectors included in the index posted mild gains. The top-performer was telecommunications sector, with Deutsche Telekom climbing 0.59%. On the downside, consumer services and basic materials shed 3.03% and 0.96%. Deutsche Lufthansa plunged 3.39%, while BASF and HeidelbergCement slumped 0.86% and 1.43%.


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