German stocks experienced a dip on Tuesday following disappointing trade figures from China and domestic data indicating a rise in Germany's consumer price inflation to a four-month high in November. This uptick in inflation was attributed to less favorable energy base effects.
The consumer price index showed an annual increase of 2.2 percent in November, up from a 2.0 percent rise in October, as reported by Destatis. These figures align with the earlier estimates released on November 28. Inflation, measured by the harmonized index of consumer prices, remained steady at 2.4 percent, consistent with October's rate and the preliminary forecast.
The benchmark DAX index saw a slight decline, standing at 20,328, following a 0.2 percent drop on the preceding Monday. Allianz SE, the insurance giant, saw its shares fall by 1.4 percent after revealing its financial goals for the 2024 to 2027 period.
Delivery Hero SE, the food delivery service, witnessed a significant 9 percent drop. This came as its Middle East subsidiary, Talabat, commenced trading in Dubai. Additionally, TeamViewer experienced a nearly 7 percent decrease in its shares after the software company announced its agreement to acquire the London-based IT firm 1E for an enterprise value of $720 million.
Conversely, Volkswagen, the automobile manufacturer, saw a rise of approximately 1 percent amid reports indicating ongoing discussions with union representatives, set to continue next week.
