(RTTNews) – German stocks were subdued on Monday as investors braced for a busy week of corporate earnings and economic data.

Caution prevailed after survey results from the ifo Institute showed German business morale improved by less than expected in April amid a third wave of Covid-19 infections and bottlenecks in production.

The business confidence index rose to 96.8 in April from 96.6 in the previous month. The score was forecast to rise to 97.8.

The benchmark DAX was down 3 points at 15,276 after declining 0.3 percent on Friday.

Volkswagen AG shares fell 1.4 percent after the Financial Times reported the company had warned top managers to brace for a bigger production hit in the second quarter due to a global chip shortage.

Travel-related stocks were rising, with Lufthansa climbing 3.7 percent on hopes of a revival in travel demand.

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