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DAX Falls As Tech Stocks Drag

(RTTNews) - German stocks fell notably on Friday as a flare up in Middle East tensions as well as inflamed trade tensions between the United States and China sapped investors' appetite for riskier assets. Investors, meanwhile, ignored a slew of mixed data from China.

The benchmark DAX was down 75 points or 0.62 percent at 12,093 after gaining 0.4 percent the previous day.

Infineon Technologies slumped 5 percent and Dialog Semiconductor lost 3 percent after U.S. chipmaker Broadcom slashed its revenue guidance for the full fiscal year, citing the impact of export restrictions on Huawei.

Steel producer Salzgitter dropped 1.3 percent. The company said that market value of all CO2 allowances acquired as a precautionary measure exceeds the figure accounted for in the balance sheet by around 300 million euros.

Automaker Volkswagen shed 0.9 percent on saying it is close to reaching a deal with Ford Motor on autonomous and electric vehicles.

BMW lost about 1 percent and Daimler declined 1.5 percent. Reuters reported that the U.S. has denied requests by Tesla, General Motors Co. and Uber for waving 25 percent tariffs related to Chinese products.

In economic releases, Germany's wholesale price inflation slowed in May after accelerating in April, figures from Destatis showed.

Wholesale prices advanced 1.6 percent year-on-year in May, slower than the April's 2.1 percent increase.
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