German stocks slide after dismal US data

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Source: Dukascopy Bank SA
German equities are trading in the red territory after dismal US GDP data. US economy unexpectedly contracted by annualized 0.1% in Q4 of 2012, while analysis predicted GDP to grow by 1.1%. However, German stocks seem to have limited downside potential due to positive EU data and rising hopes the Fed will stick to its loose monetary policy. The DAX Index plunged 0.51% to trade at 7,810.93. The only sectors posting gains were health care and telecommunications. Fresenius Medical Care and Fresenius SE climbed 0.82% and 0.33%, while Deutsche Telekom advanced 0.31%. At the same time, seven sectors moved lower, with basic materials and consumer services leading losses. Shares of K+S, BASF and Linde tanked 1.32%, 1.27% and 1.03%, respectively. Among consumer services, Deutsche Lufthansa lost 0.96%. Meanwhile, banks also retreated. Commerzbank and Deutsche Bank slumped 0.96% and 0.07%.
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