Markets

DAX Down Over 3% On Virus Worries

(RTTNews) - German stocks tumbled on Wednesday amid rising risk aversion as coronavirus infections continued to surge in Europe and U.S. President Donald Trump conceded that an additional round of U.S. fiscal stimulus is unlikely before the presidential election.

"After the election, we will get the best stimulus package you have ever seen," Trump told reporters at the White House.

As virus cases climb, German Chancellor Angela Merkel is seen pressing for a partial lockdown in crisis talks with regional leaders today, according to the Bild daily.

Central bank meetings also remain on investors' radar. Today's Bank of Canada meeting is unlikely to generate any surprise.

The Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.

The European Central Bank is expected to sound cautious on inflation and growth due to surging coronavirus cases in Europe.

The benchmark DAX plunged 404 points, or 3.4 percent, to 11,658 after declining 0.9 percent on Tuesday.

Deutsche Bank fell nearly 4 percent despite the lender posting better-than-expected results and raising the outlook for the investment bank.

Puma also lost about 4 percent. The sports retailing company reported a strong rebound in third-quarter profits and sales, but said it can't give guidance for the year due to uncertain economic outlook.

MorphoSys AG advanced 2.7 percent. The biopharmaceutical company raised its outlook for the financial year 2020.

Chemical company BASF plummeted 5 percent after it swung to a net loss of 2.12 billion euros ($2.50 billion) in the third quarter.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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