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DAX Moves Lower After China Data

(RTTNews) - German stocks fell on Friday after China reported worse than expected trade data for the month of February.

Chinese exports plummeted 20.7 percent in February from a year earlier, reflecting weaker demand and distortions from the Lunar New Year holiday.

That was far below expectations for a 4.8 percent drop. Imports fell 5.2 percent after a 1.5 percent fall in January.

Adding to the downbeat sentiment, preliminary data showed today that German factory orders sharply dropped in January at the fastest pace in seven months, defying expectations for further gains, mainly due to a slump in external demand.

Manufacturing orders decreased a seasonally and calendar adjusted 2.6 percent month-on-month, while economists were looking for a modest 0.5 percent gain. The latest fall in orders was the worst since a 3.6 percent slump in last June.

The benchmark DAX was down 69 points or 0.60 percent at 11,449 in opening deals after losing 0.6 percent in the previous session.

In stock-specific action, Bayer dropped 1.6 percent after announcing it has submitted a marketing authorization application to the European Medicines Agency for darolutamide for the treatment of patients with non-metastatic castration-resistant prostate cancer.
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