DAX Little Changed As Microsoft Gives Downbeat Outlook

German stocks were little changed on Wednesday as concerns that a recession might be coming offset investors optimism that the U.S. Federal Reserve will slow its pace of rate increases.

Microsoft Corp reported a sharp decline in the second quarter profit and warned of a slowdown in corporate sales, denting sentiment.

The benchmark DAX was little changed with a positive bias at 15,102 ahead of German business sentiment data due later in the day.

Banks led losses, with Commerzbank down 1.5 percent and Deutsche Bank losing 2.3 percent.