DAX Declines As Oil Prices Rise On Geopolitical Tensions

(RTTNews) - After opening marginally higher and edging further up a bit, the German stock market's benchmark index DAX slipped into negative territory Monday morning as concerns about global economic outlook amid weak Chinese data and a lack of progress in Middle East peace efforts.

Chinese consumer spending stalled in July, urban investment contracted at a faster pace and unemployment ticked higher, adding to pressure on Beijing to step up policy response in the second half of the year.

Higher crude oil prices weighed as well on sentiment. Brent crude futures climbed to $89.49 a barrel, up 1.1% from previous close, as renewed fighting in Lebanon and further tanker attacks in the Strait of Hormuz clouded prospects for ending the U.S.-Iran war.

The DAX was down 23.54 points or 0.09% at 26,409.32 a few minutes before noon.

Zalando dropped by about 3%. Fresenius, Qiagen, Vonovia, Beiersdorf and Henkel lost shed 1.2%-1.7%.

Adidas, Symrise, Scout24, Brenntag, SAP, Deutsche Telekom, Fresenius Medical Care, Deutsche Bank, BASF and Hochtief drifted lower by 0.5%-1%.

Siemens Energy climbed 1.7%. Rheinmetall, Deutsche Boerse, Infineon Technologies, Volkswagen, Hannover RE and RWE gained 0.4%-1%.