DAX Down 77 Points As Investors Await High-level US-China Talks
German stocks fell on Thursday as investors looked ahead to next week's talks between U.S. and Chinese negotiators for directional cues.
U.S. Treasury Secretary Steven Mnuchin told CNBC on Wednesday that President Donald Trump's economic plan is working, and the nation would not go back to socialism.
The benchmark DAX was down 77 points or 0.68 percent at 11,247 in opening deals after declining 0.4 percent in the previous session.
Travel and tourism firm TUI AG plunged 15 percent as it cut profit outlook, citing the extraordinary hot weather in 2018 and continued weakness of the pound sterling.
Siemens dropped nearly 1 percent after the European Commission blocked its takeover of Alstom's rail transport business.
Heidelberger Druckmaschinen dropped over 1 percent after its third-quarter EBITDA (excl. restructuring result) declined to 39 million euros compared to 45 million euros prior year.
In economic releases, Germany's industrial production decreased for a fourth consecutive month in December, defying expectations for an increase, preliminary figures from the Federal Statistical Office showed.
Industrial production fell a calendar and seasonally adjusted 0.4 percent from November, when it decreased 1.3 percent, revised from 1.9 percent. Economists had expected a 0.8 percent increase.