DAX drops over 1% after weak earnings reports

Tuesday, 30. July 2019 10:55

Germany's DAX index fell more than 1% on Tuesday as losses from Lufthansa AG and a number of other actors dragged it down.

The country's benchmark was down 1.13% at 10:55 am CET after the German flag carrier released its second-quarter earnings report earlier in the day. Although its revenue was higher than for the same period last year and beat analysts' expectations, its net profit and earnings per share decreased sharply to send the airline's shares tumbling 5.62% at 10:55 am CET.

Another poor performer was Bayer AG, which likewise previously reported its second-quarter earnings and fell 3.84% at 10:55 am CET. However, the worst performer was Fresenius Medical Care AG Co. KGaA, which fell 6.80% at the same time.

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Breaking the News / DZ