(RTTNews) - German stocks edged lower on Tuesday after seeing a sharply rally the previous day on reports of progress in the development of a Covid-19 vaccine.

The benchmark DAX dropped 50 points, or 0.4 percent, to 13,043 after rallying as much as 4.9 percent the previous day.

Sportswear firm Adidas tumbled 3.6 percent after posting a fall in quarterly revenue and profit.

Nordex Group soared 11 percent after the wind turbine manufacturer presented new guidance for the current 2020 financial year.

Schaeffler Group shares edged up slightly. The automotive and industrial supplier said it expects its full-year revenue to decline by 11.5 percent to 13.0 percent at constant currency in 2020.

Freight and logistics group Deutsche Post lost 3 percent despite reporting an increase in net profit and revenue for the third quarter.

In economic releases, investors await a reading of the German investor sentiment for November later in the day.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source link