DAX Marginally Lower On Middle East Concerns

(RTTNews) - German stocks were subdued on Wednesday, with concerns over rising oil prices and escalating tensions in the Middle East keeping investors nervous.

On the positive side, China reported better-than-expected GDP, retail sales and industrial output data, suggesting that Beijing's stimulus measures to prop up banking and property sectors are gaining traction.

The benchmark DAX was down 15 points at 15,236 after ending on a flat note Tuesday. Sportswear firm Adidas jumped more than 4 percent after raising its 2023 revenue guidance.

Infineon Technologies rose 0.6 percent. The German semiconductor maker, Hyundai Motor Co., and Kia Corp. have signed a multi-year supply deal for silicon carbide and silicon power semiconductors. The financial terms of the agreement were not disclosed.