BRUSSELS (dpa-AFX) - German stocks are notably lower Thursday morning, hurt by U.S. President Donald Trump's announcement that he would impose a 25% tariff on European cars and other goods, to curb unfair trade practices.
Also,with Germany employment, retail sales and inflation data due on Friday, traders are treading cautiously and largely refraining from taking fresh long positions.
The benchmark DAX, which tumbled to 22,488.50, losing more than 300 points, was down 250.91 points or 1.1% at 22,546.50 a little while ago.
Automobile stocks BMW, Porsche, Mercedes-Benz and Volkswagen are down 2.2 to 2.8%. Continental is down nearly 1%.
Symrise is declining 2.5%, while Brenntag, Siemens Healthineers, Bayer and E.ON are down 2 to 2.4%.
Deutsche Bank, Fresenius, Qiagen, Zalando, Infineon, RWE, BASF, SAP, Merck, HeidelbergCement, Sartorius, Deutsche Post, Henkel and Fresenius Medical Care also notably lower.
Beiersdorf is gaining 3%. The company reported that fiscal 2024 profit after tax increased to 928 million euros from 749 million euros, last year. Earnings per share was 4.05 euros compared to 3.24 euros. Operating result or EBIT, excluding special factors, increased to 1.4 billion euros, improving EBIT margin to 13.9% from 13.4%. Sales were 9.9 billion euros, with organic growth of 6.5%.
For 2025, Beiersdorf expects organic sales growth in the range of 4-6%. The company has also announced a new share buyback program.
Rheinmetall is rising 1.7%. Deutsche Telekom, which declined sharply on Wednesday after earnings updates, is up 1.2% this morning.
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