Feb. 8 (Bloomberg) -- Most German stocks declined as Greece’s Prime Minister Lucas Papademos sought political support for the austerity measures required to obtain further aid.
Bayer AG led losses. Commerzbank AG jumped 7.6 percent and Deutsche Bank AG rose 1.5 percent. ThyssenKrupp AG, Germany’s largest steelmaker, increased 2 percent.
The DAX Index dropped less than 0.1 percent to 6,748.76 at the close in Frankfurt. Nineteen stocks in the benchmark gauge fell, while 11 rose. The DAX has still rallied 33 percent from its low on Sept. 12 as investors speculated that the euro area’s leaders will contain the region’s sovereign-debt crisis. The broader HDAX Index lost less than 0.1 percent today.
“The global economy seems to be gaining traction and some of the uncertainty related to the region’s debt crisis has declined,” said Ulrike Rondorf, an economist at Commerzbank in Frankfurt.
Papademos will today meet the heads of the three political parties that support his government to discuss spending cuts, after postponing a meeting with them yesterday.
Papademos instead met the so-called troika -- the European Commission, the European Central Bank and the International Monetary Fund -- to discuss the terms needed to secure further aid, a spokeswoman said.
A report showed German exports fell more than economists forecast in December as the debt crisis damped economic growth across the euro region.
Exports, adjusted for work days and seasonal changes, slumped 4.3 percent from November, when they rose 2.6 percent, the Federal Statistics Office in Wiesbaden said today. Economists had forecast a decline of one percent, according to the median of 17 estimates in a Bloomberg News survey. Imports dropped 3.9 percent.
Bayer dropped 1.1 percent to 54.44 euros, contributing the most to the decline in the DAX index.
Infineon Technologies AG fell 1.5 percent to 7.51 euros. Adidas AG lost 1.5 percent to 56.71 euros.
Commerzbank jumped 7.6 percent to 2.10 euros, the highest since Oct. 28, after its BRE Bank SA unit in Poland posted earnings that beat analysts’ estimates.
“It is a combination of reinforcing factors including BRE Bank’s earnings,” said Thomas Stoegner, an analyst at Macquarie Group Ltd. who has a “neutral” rating on the stock. “Some investors may also be betting on a deal being reached in the Greek debt-swap talks.”
Deutsche Bank rose 1.5 percent to 34.47 euros. Germany’s largest lender told employees it will impose a 200,000 euro ($266,000) cap on bonuses this year, said three people with knowledge of the discussions.
ThyssenKrupp increased 2 percent to 22.84 euros after CA Cheuvreux named the steelmaker one of its “favored stocks for unlocking value” through asset sales.
--Editors: Srinivasan Sivabalan, Andrew Rummer
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