German stocks lower on U.S. spending cuts

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Source: Dukascopy Bank SA
German shares dropped, yet showing an increase on a week, as U.S. spending cuts raised concerns that the global economy might reduce its pace of growth. The DAX index declined 0.3%, or 23.10 points, to 7,718.78 by 16:59 p.m. in Frankfurt. Deutsche Bank AG tumbled to its lowest level in 2013 after Goldman Sachs Inc. cut its stock rating. Commerzbank AG skimmed 1.6% to 1.39 euros to also drag down financial shares. The German utility company RWE AG added 53 cents to 28.66 euros, as its stock rating was upgraded from sell to neutral at Citigroup. Citigroup said its expects the recent management changes to help the Germany's largest utility company to pursue a fiscally discreet strategy. Telecommunications were negatively affected by a 1.8% decrease in Deutsche Telecom shares after Paulson & Co said to vote against its merger with MetroPCS Communications Inc.
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