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FRANKFURT (dpa-AFX) – Concerns about global economic growth, the Italian state budget and continuing US weak markets pushed Dax (DAX 30) to the lowest level since December 2016 on March. Meanwhile, according to chart technicians, the leading index has also suffered as much further threat of losses.
With a large drop of 1.58 percent to 11 066.41 points, the Dax ended the trade. MDAX mix index index, 1.73 percent to 23,003.77 points, dropped to lowest level since February 2017. SDAX made a fall of almost 2 percent.
"Investor confidence declines," said market analyst David Madden of GMS Markets UK. There are concerns about Italy, British trade tensions between the United States and China have triggered increasing risk conflicts. In addition, from a technical chart, "Dax's situation is dramatic," said Gregor Bauer, CEO of the Association of German Technical Analysts e.V. (VTAD), dpa-AFX. A further reduction to 10 700 or 10 800 points is increasingly possible.
Increasing suspicion of investors when viewing Wirecard is visible. The shares in the payment processor, which arose sharply in 2017 and again this year, have lost just under 6 percent. And, although the DAX climber due to the boom in the online trade for the year to come is optimistic.
However, Covestro shares were lightweight tail light, which decreased by 15.6 per cent. Plastics maker can no longer meet its annual targets. There is difficult competition, high costs due to the low level of the Rhine water and provisions for a new difficulty program ending at the end of 2018. As other chemical companies suffered as a result of rainfall summer, K + S (K + S) and Evonik, among others, also members of the clan were taken and lost at MDax 4.6 and 5.3 percent, respectively.
The BASF chemical company was disappointed with a target for annual operating earnings growth, which should be between three and five percent. According to analysts, the market had expected something more. The papers diminished just over 4 percent.
Deutsche Bank shares were also weak on the road, which had plunged in the morning to a low record of 8,054 euros. Finally, they lose 4.8 percent to 8.153 euros. Once again, morning media reports have made the round, according to what the organization is allegedly part of the money laundering scandal at the Danske Bank. Deutsche Bank announced that he had acted as a correspondent for the Danske Bank in Estonia. The business relationship ended in 2015 after a suspicious customer activity reported to the institution.
Across Europe, the picture was as shameful on the German market: EuroStoxx 50 (EURO STOXX 50), the leading index of euro zone, losing 1.40 percent to 3116.07 points and also the stock exchanges in Paris and London were closing weak. In the United States, Dow Jones Industrial (Dow Jones Industrial 30) down 1.5 per cent closed in Europe.
On the bond market, the current product decreased by 0.23 per cent per day before 0.21 per cent. The Rex bond index (REX Total Price Index) rose 0.10 per cent to 141.23 points. Future Bund developed 0.13 percent to 160.91 points. The price of the euro dropped by night to $ 1,1386. The European Central Bank had previously set the referral rate at 1.1421 (Monday: 1.1427) dollars. So the dollar had cost 0.8756 (0.8751) euros./ck/he
— Gan Claudia Müller, dpa-AFX —