DAX Drifts Lower Ahead Of G20 Summit

(RTTNews) - German stocks were subdued on Friday as weak data from China rekindled growth worries and investors waited to see whether the U.S. and China can resolve their differences on trade at the G20 summit.

U.S. President Donald Trump said Thursday he is very close to "doing something" on trade with China, but added he wasn't sure if he wanted to do it.

The benchmark DAX was down 39 points or 0.34 percent at 11,259 in opening deals after finishing marginally lower on Thursday.

Rheinmetall Group shares declined 0.6 percent. The defense contractor announced that it is on track for the best year in its history, with a sales guidance of 6.2 billion euros, up 5 percent from prior year.

Automaker BMW shed 0.7 percent, Daimler lost 2.5 percent and Volkswagen was down half a percent on fears of possible new tariffs.

In economic releases, German retail sales rebounded strongly in October to grow at the fastest pace in nearly one-and-a-half years, preliminary data from the Federal Statistical Office showed.

Retail sales grew 5 percent year-on-year following a revised 2.8 percent slump in September. Economists had expected a gain of 1.4 percent.

Another report showed that import price growth unexpectedly accelerated in October after slowing in the previous month.
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