DAX Falls In Cautious Trade

(RTTNews) - German stocks were moving lower on Friday amid looming fears of a global recession as global coronavirus cases surpassed one million.

The number of coronavirus deaths topped 50,000 around the world, with the U.S. reporting the highest daily death toll of any country so far at nearly 1,200.

Spain reported a record one-day number of deaths, 950, bringing its overall toll to about 10,000. Italy recorded 760 more deaths for a total of 13,900.

Fitch Ratings expects a deep global recession this year, with the fall in 2020 GDP on par with the global financial crisis.

According to the latest update of its Global Economic Outlook, World economic activity will decline 1.9 percent in 2020.

The rating agency expects US GDP to fall by 3.3 percent, the euro area by 4.2 percent and the UK to drop 3.9 percent this year.

The benchmark DAX was down 63 points, or 0.66 percent, at 9,507 after closing 0.3 percent higher in the previous session.

Deutsche EuroShop AG fell 2 percent. The real estate investment company withdrew its outlook for 2020 and said it is not possible to estimate the further course of events or economic impact for 2020.

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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