May 17, 2016 - 9:50 PM EDT
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DAX Drifts Lower Ahead Of FOMC Minutes

VIENNA (dpa-AFX) - German stocks fell on Wednesday as the combination of upbeat U.S. data and hawkish comments from Fed officials brought the issue of interest rate rises in the U.S. back into focus.

Analysts at investment bank Goldman Sachs have downgraded equities to neutral over 12 months, saying they see valuations as expensive, particularly in Europe and the U.S. on a risk-adjusted basis.

Oil prices eased slightly, but held near seven-month highs ahead of the weekly crude oil inventory data. The dollar hit a three-week high against the euro and a basket of currencies ahead of the Federal Reserve's April policy meeting minutes due out later in the day.

On a day of relatively little economic news, the final reading from Eurostat showed that the euro area's annual inflation stood at -0.2 percent in April, confirming the previous estimate.

The benchmark DAX was down 28 points or 0.29 percent at 9,862 in late opening deals after losing 0.6 percent the previous day.

Automakers BMW, Daimler and Volkswagen fell between 0.4 percent and 1.1 percent, while banks traded narrowly mixed.

Deutsche Post DHL Group dropped half a percent after confirming its EBIT guidance for the current fiscal year.

Industrial robot maker Kuka soared almost 14 percent after Chinese home appliances manufacturer Midea made an unsolicited takeover bid for the company.

SAP edged up marginally after joining hands with United Parcel Service Inc. to launch a distributed network that will enable customers to order and get 3D printed parts quickly.

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Source: News (May 17, 2016 - 9:50 PM EDT)

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