German shares tumble as European Commission lowered forecast

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Source: Dukascopy Bank SA
© Scanpix/Reuters
German equities swung to losses as the eurozone's growth forecast cut outweighed US President's re-election. The European Commission also lowered its forecast for Germany from 1.7% to 0.8% for 2013. Adding to the negative mood of the stocks, German industrial production tumbled more than expected in September. An unexpected fall in the eurozone's retail sales also added to losses. The DAX Index slumped 0.74% and is currently trading at 7,322.93. All sectors within the index dropped. The top-losers were technology and utility sectors, with Infineon Technologies and E.ON sliding 3.63% and 1.56%. Meanwhile, financials were mixed. Commerzbank added 0.58%, while and Deutsche Bank shed 2.77%.


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