DAX Tumbles As Risk Appetite Wanes

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(RTTNews.com) - German shares fell sharply on Wednesday as weak base metal prices, worries over a possible U.S. government shutdown and U.S. President Donald Trump's comments that he plan to transfer his country's embassy to Jerusalem dented risk appetite and fueled demand for safe-haven assets.

The benchmark DAX was down 100 points or 0.77 percent at 12,947 in late opening deals after closing 0.1 percent lower the previous day.

Furniture retailer Steinhoff plunged almost 60 percent after its CEO Markus Jooste resigned with immediate effect on allegations of irregularities in the company's accounts that require further investigation.

In economic releases, German factory orders climbed 0.5 percent month-on-month in October, following a revised 1.2 percent rise in September, figures from Destatis revealed. Orders were forecast to fall 0.2 percent.

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This article appears in: Stocks , World Markets , Politics
Referenced Symbols: SNH ,

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