(RTTNews) – German stocks fell sharply on Friday as investors brace themselves for U.S. Donald Trump’s press conference later today amid a deepening rift with Beijing over Hong Kong.
The benchmark DAX tumbled 165 points, or 1.40 percent, to 11,616 after rising 1.1 percent in the previous session.
Volkswagen fell nearly 3 percent after it agreed to invest 2.1 billion euros ($2.33 billion) in two separate Chinese electric vehicle players.
BMW gave up 2.4 percent and Daimler lost 3.1 percent amid signs of increasing trade tensions between Washington and Beijing.
Hugo Boss plummeted 7 percent after Jefferies downgraded the stock to “hold”.
In economic releases, German retail sales logged its largest fall since 2007 as most of the stores were closed amid coronavirus pandemic, data from Destatis showed.
Retail sales turnover decreased 5.3 percent on a yearly basis in April, following a 4 percent drop in March. This was the biggest fall since January 2007 but slower than the expected decline of 12 percent.
On a monthly basis, retail sales fell 6.5 percent, much faster than March’s 1.2 percent decrease. Sales were expected to decline 14.3 percent.