German shares drop as Chinese service sector shranks

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Source: Dukascopy Bank SA
German equities extended their losses on Monday, as China's service sector contracted and U.S. spending cuts threatened the recovery of the world's largest economy. The DAX index tumbled 0.1% to 7,704.06 by 17:19 p.m. in Frankfurt. Four out of nine sectors edged lower. Utility and technology shares soared the most in the index. Fresenius SE & Co KGaA rallied 1.6% to 95.79 euros, capping further advancements in health care sector that was 0.3% higher. E.ON SE followed with a 1% surge, contributing to a rise in utility stocks. SAP increased as much as 0.84%, supporting technology group. However, its competitor Salesforce said it would surpass SAP AG in 2013 as the largest customer-management software supplier. On the downside, ThyssenKrupp slumped 2.8%, pacing decline in basic materials, while Deutsche Post shares erased 2.1% sending down the industrial group that eased 0.9%.
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