German shares flat after upbeat business climate data

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Source: Dukascopy Bank SA
© Scanpix/Reuters
German shares retreated despite positive business climate data. The Ifo Institute for Economic Research reported that its German business climate index advanced to 101.4 in October from 100.0 in September. Experts predicted the index to drop to 99.5 last month. German blue chips remained under notable pressure as market players were cautious over Greek bailout talks due to be resumed on Monday. The DAX Index lost 0.01% and is currently trading at 7,244.24. Only three in nine sectors within the index climbed. Consumer services and basic materials posted the biggest gains. Deutsche Lufthansa surged 0.48%, while HeidelbergCement and K+S jumped 1.12% and 0.41%. Depressing German shares, utilities sank 1.47%. E.ON and RWE slumped 1.33% and 0.87%.


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