| | DAX Index Falls, Ending Longest Winning Streak Since February | |
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Scalpuman Admin
Posts : 1174 Join date : 2009-05-13
| Subject: DAX Index Falls, Ending Longest Winning Streak Since February Wed Jun 02, 2010 2:08 pm | |
| By Julie Cruz June 2 (Bloomberg) -- German stocks retreated, led by a decline in steelmakers and utilities, with the benchmark DAX Index ending the longest winning streak since February. ThyssenKrupp AG and Salzgitter AG, Germany’s biggest steelmakers, followed metal prices lower. Porsche SE’s preferred shares retreated 1.8 percent as Nomura Holdings Inc. cut its recommendation on the carmaker. E.ON AG and RWE AG declined as German electricity for delivery next year, a European benchmark, held steady near a one-week low. The DAX slipped 0.9 percent to 5,925.95 as of 2:54 p.m. in Frankfurt, ending a five-day rally. The German gauge is 6.4 percent below its April 26 high on concern the sovereign-debt crisis in Europe will spread. "The crisis in the financial markets will continue," Martin Huefner, chief economist at Assenagon GmbH in Munich, which has more than $4.7 billion in client assets, wrote in a report to clients today. "Generally investors should be cautious when it comes to equity investments." European stocks fell today as the U.S. opened criminal and civil investigations into the BP Plc oil spill in the Gulf of Mexico. Asian shares dropped after Japan’s prime minister resigned, while U.S. stocks opened higher. Yukio Hatoyama said he’ll step down less than two months before elections, raising concerns that the world’s second- largest economy will continue to sputter at the same time that China takes steps to cool growth and European nations struggle amid record deficits. High Deficits German Finance Minister Wolfgang Schaeuble said that high budget deficits are the main cause of the financial crisis. Schaeuble, speaking to reporters in Berlin today, said finance ministers from the Group of 20 nations will discuss excessive deficits when they meet this weekend. ThyssenKrupp and Salzgitter lost 1 percent to 21.66 euros and 1.3 percent to 51.38 euros, respectively. Aluminum, copper, lead, nickel, tin and zinc all declined on the London Metal Exchange. Porsche declined 1.8 percent to 34.60 euros as Nomura reduced its rating on the maker of the 911 sports car to "reduce" from "buy." E.ON, Germany’s biggest utility, tumbled 2.1 percent to 24.40 euros, while RWE lost 1.1 percent to 57.96 euros. Baseload power for 2011 in Europe’s biggest market rose 15 cents, or 0.3 percent, to 51.50 euros ($63.08) a megawatt-hour as of 11:39 a.m. Berlin time, according to prices compiled by Bloomberg. The contract earlier fell to 51.10 euros. Baseload is delivered around the clock. Separately, Germany could impose a tax on nuclear power plant fuel if the country allows reactors to run past scheduled shut-down dates, Financial Times Deutschland said, citing Christian Social Union lawmaker Christian Ruck. Deutsche Bank AG, Germany’s biggest bank, dropped 1.6 percent to 47.35 euros, while Commerzbank AG, the country’s second-biggest, retreated 1.1 percent to 5.67 euros. European banking shares fell as much as 2 percent today, the worst performance among 19 industry groups in the Stoxx Europe 600 Index. | |
| | | Snapman
Posts : 625 Join date : 2009-06-25 Age : 36 Location : New York City
| Subject: Re: DAX Index Falls, Ending Longest Winning Streak Since February Wed Jun 02, 2010 3:38 pm | |
| - Scalpuman wrote:
- By Julie Cruz
June 2 (Bloomberg) -- German stocks retreated, led by a decline in steelmakers and utilities, with the benchmark DAX Index ending the longest winning streak since February. ThyssenKrupp AG and Salzgitter AG, Germany’s biggest steelmakers, followed metal prices lower. Porsche SE’s preferred shares retreated 1.8 percent as Nomura Holdings Inc. cut its recommendation on the carmaker. E.ON AG and RWE AG declined as German electricity for delivery next year, a European benchmark, held steady near a one-week low. The DAX slipped 0.9 percent to 5,925.95 as of 2:54 p.m. in Frankfurt, ending a five-day rally. The German gauge is 6.4 percent below its April 26 high on concern the sovereign-debt crisis in Europe will spread. "The crisis in the financial markets will continue," Martin Huefner, chief economist at Assenagon GmbH in Munich, which has more than $4.7 billion in client assets, wrote in a report to clients today. "Generally investors should be cautious when it comes to equity investments." European stocks fell today as the U.S. opened criminal and civil investigations into the BP Plc oil spill in the Gulf of Mexico. Asian shares dropped after Japan’s prime minister resigned, while U.S. stocks opened higher. Yukio Hatoyama said he’ll step down less than two months before elections, raising concerns that the world’s second- largest economy will continue to sputter at the same time that China takes steps to cool growth and European nations struggle amid record deficits. High Deficits German Finance Minister Wolfgang Schaeuble said that high budget deficits are the main cause of the financial crisis. Schaeuble, speaking to reporters in Berlin today, said finance ministers from the Group of 20 nations will discuss excessive deficits when they meet this weekend. ThyssenKrupp and Salzgitter lost 1 percent to 21.66 euros and 1.3 percent to 51.38 euros, respectively. Aluminum, copper, lead, nickel, tin and zinc all declined on the London Metal Exchange. Porsche declined 1.8 percent to 34.60 euros as Nomura reduced its rating on the maker of the 911 sports car to "reduce" from "buy." E.ON, Germany’s biggest utility, tumbled 2.1 percent to 24.40 euros, while RWE lost 1.1 percent to 57.96 euros. Baseload power for 2011 in Europe’s biggest market rose 15 cents, or 0.3 percent, to 51.50 euros ($63.08) a megawatt-hour as of 11:39 a.m. Berlin time, according to prices compiled by Bloomberg. The contract earlier fell to 51.10 euros. Baseload is delivered around the clock. Separately, Germany could impose a tax on nuclear power plant fuel if the country allows reactors to run past scheduled shut-down dates, Financial Times Deutschland said, citing Christian Social Union lawmaker Christian Ruck. Deutsche Bank AG, Germany’s biggest bank, dropped 1.6 percent to 47.35 euros, while Commerzbank AG, the country’s second-biggest, retreated 1.1 percent to 5.67 euros. European banking shares fell as much as 2 percent today, the worst performance among 19 industry groups in the Stoxx Europe 600 Index. Overall its still probably in uptrend though, time to double up on the dip? | |
| | | | DAX Index Falls, Ending Longest Winning Streak Since February | |
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