DAX Dips On Softer PMI Reading

(RTTNews) - German stocks traded lower on Friday, bond yields dipped, and the euro declined after a preliminary survey showed the upturn in German business activity over the past two months slowed in June.

The HCOB German flash composite PMI, compiled by S&P Global, slid to 50.6 from 52.4 in May as manufacturing remained mired in a downturn.

The benchmark DAX dropped 50 points, or 0.3 percent, to 18,200 after rallying 1 percent the previous day.

In corporate news, Befesa S.A. shares fell nearly 2 percent.

The provider of industrial waste recycling services said it has acquired the remaining 50 percent stake in Recytech, the company's steel dust recycling services joint venture with Recylex S.A. in France, for 40 million euros.