Markets

DAX Tumbles As Virus Worries Deepen

(RTTNews) - German stocks plunged on Thursday as hopes of U.S. fiscal stimulus before the presidential election faded and several European countries grappled with a resurgence of the coronavirus.

Europe now has over 7.2 million confirmed cases of the virus, according to the World Health Organization.

European countries including Germany and Czech Republic reported single-day highs in new Covid-19 cases.

German Chancellor Angela Merkel has warned there could be 19,200 infections per day if current trends continue.

France has declared a national state of health emergency, while in the U.K. and Ireland, scientific adviser have pushed for second national lockdowns.

The benchmark DAX plummeted 400 points, or 3.1 percent, to 12,627 after closing 0.1 percent higher in the previous session.

Travel-related companies and automakers were among the prominent decliners.

Airline Lufthansa lost around 6 percent while travel and tourism company TUI AG tumbled 4.2 percent.

Automakers BMW, Daimler and Volkswagen fell 4-5 percent.

Lender Commerzbank fell 4.6 percent and Deutsche Bank declined 2.9 percent, tracking a decline in bond yields.

Medical and safety technology provider Draegerwerk AG & Co. KGaA rose nearly 3 percent after its preliminary EBIT for the third quarter significantly increased to 127 million euros from last year's 9.3 million euros, reflecting a higher net sales volume and a higher gross profit margin.

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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