DAX Tumbles Due To Covid-19 Worries

(RTTNews) - German stocks slumped on Monday as investors fretted over a surge in novel coronavirus case numbers across Europe, with some governments imposing new measures to slow the spread. Denmark, Greece and Spain have introduced new restrictions on activity.

Rising new infections in countries like France, Austria and the Netherlands are worrying, German Health Minister Jens Spahn said today and added that Germany will sooner or later import cases from there.

The benchmark DAX plunged 369 points, or 2.8 percent, to 12,745 after losing 0.7 percent on Friday.

Banking shares fell sharply after reports that several global banks have moved large sums of allegedly illicit funds over nearly two decades. Commerzbank gave up 4 percent and Deutsche Bank slumped as much as 6 percent.

Travel-related stocks were coming under selling pressure, with Lufthansa losing 7.5 percent and TUI AG falling over 9 percent.

Telecommunication service provider 1&1 Drillisch plummeted 27 percent after revising its EBITDA forecast for 2020 downwards. Its parent United Internet was down nearly 25 percent.

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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