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DAX Drops On Trade Worries

(RTTNews) - German stocks fell notably on Monday after the U.S.-China trade talks ended without an agreement, raising concerns over the escalating trade battle between the world's two largest economies.

U.S. President Donald Trump on Sunday defended his tariff policy, saying we are right where we want to be with China.

"Remember, they broke the deal with us & tried to renegotiate. We will be taking in Tens of Billions of Dollars in Tariffs from China," Trump said on Twitter.

The benchmark DAX was down 89 points or 0.74 percent at 11,970 in opening deals after climbing 0.7 percent on Friday.

Daimler lost 2.6 percent after reports that China's BAIC Group is seeking to buy stake of up to 5 percent in the German automaker.

BMW shed 0.7 percent and Volkswagen dropped 1.1 percent on tariff worries.

Hochtief rose half a percent. The construction major confirmed its outlook for higher profit in FY19 after reporting a 31 percent jump in first-quarter nominal net profit.
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