DAX Dips Ahead Of No-confidence Vote In Parliament

(RTTNews) - German stocks drifted lower on Monday as Chancellor Olaf Scholz faces a confidence vote in parliament to trigger the process towards 23 February elections. The move comes after his governing coalition collapsed last month.

Investors also reacted to the latest survey results showing that Germany's economic downturn eased slightly in December, but business activity still contracted for a sixth month running.

The benchmark DAX was down 59 points, or 0.3 percent, at 20,347 after falling 0.1 percent on Friday.

Wind turbine maker Nordex SE fell about 1 percent despite bagging an order for nine N175/6.X turbines from green energy company Alterric for its 56 MW wind farm in Greece.

Porsche Automobil Holding SE lost 2 percent. The company withdrew its profit guidance for 2024, citing potential non-cash impairment charges related to its investment in Volkswagen AG and Porsche AG.