Germany’s DAX dips as ifo business climate indicator drops

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The German Stock Index (DAX) display is highlighted in red at the stock exchange in Frankfurt, Germany, Thursday, Aug. 16, 2007. Global stock markets tumbled again Thursday, battered by persistent worries about U.S. housing loan problems and their possible damage to the global economy. (AP Photo/Bernd Kammerer)
The German Stock Index (DAX) display is highlighted in red at the stock exchange in Frankfurt, Germany, Thursday, Aug. 16, 2007. Global stock markets tumbled again Thursday, battered by persistent worries about U.S. housing loan problems and their possible damage to the global economy. (AP Photo/Bernd Kammerer)

The Frankfurt Bourse’s benchmark DAX-30 index has dropped from the previous day’s levels amid data showing that the ifo business climate indicator for August fell to a three-month low of 99.4, less than the market forecast of 100.4.

The fall in business sentiment from 101.8 in June and 100.7 in July is attributed to supply bottlenecks as well as rising coronavirus infections.

The DAX index meanwhile is currently trading at 15,885.26, down 0.20 per cent over Tuesday’s close.

At current levels, the DAX is 0.89 per cent lower than the 52-week high of 16,028.60.

Online food ordering service Delivery Hero is currently topping the charts with a 2 per cent uptick.

Siemens Energy has gained 1.9 per cent whereas sports goods maker Adidas has advanced by 1.3 per cent.

Insurance and reinsurance player Munchener Ruck (Munich Re) is topping the laggards with a decline of 1.2 per cent.

Premium automaker BMW has fell then rose during the morning while chemicals company BASF is down by 0.8 per cent.

Deutsche Telekom is topping the volume charts with a turnover of 0.6 million euros.

The GfK Consumer Climate Indicator for September is due on Thursday.

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