DAX Slips Into Red On Downbeat Data

(RTTNews) – German stocks drifted lower on Monday as caution prevailed ahead of U.S. inflation data and a European Central Bank meeting due later in the week.

Disappointing Chinese and German data also weighed on markets. China’s imports and exports grew again in May, but both missed expectations, official data released earlier in the day showed.

German factory orders dropped 0.2 percent month-on-month in April due to weak domestic demand, in contrast to the 3.9 percent increase seen in March and economists’ forecast of +1.0 percent, data from Destatis revealed.

The benchmark DAX dropped 25 points or 0.2 percent, to 15,667 after rising 0.4 percent higher on Friday.

Automakers were broadly higher, with BMW climbing 0.8 percent and Daimler rising half a percent.

Banks Commerzbank and Deutsch Bank were slightly lower as U.S. bond markets traded in a choppy range. German 10-year bond yields were up slightly ahead of the ECB meeting on Thursday.