DAX Drifts Lower As Trump, Kim Summit Ends With No Deal

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German stocks fell on Thursday as a historic summit ended without agreement on the denuclearization of the Korean Peninsula and weak Chinese data reinforced fears that the world's second-largest economy is losing momentum.

A summit between U.S. President Donald Trump and the North Korean leader Kim Jong-un ended with no agreement after North Korea reportedly wanted all sanctions on it lifted in exchange, something the U.S. was not prepared to do.

China's manufacturing sector contracted for a third consecutive month in February, rekindling investor worries over slowing growth.

The benchmark DAX was down 29 points or 0.25 percent at 11,458 in opening deals after losing half a percent the previous day.

Zalando shares soared 17 percent after the online fashion retailer met its 2018 targets and said it expects solid growth this year.

Lender Deutsche Bank slid half a percent and Commerzbank declined 0.7 percent.

Automakers were also broadly lower.