German stocks declined on Monday amid worries about China’s property sector after troubled property developer China Evergrande’s shares were suspended from trading in Hong Kong following reports that another major developer was planning to buy its property management unit.
Debt-laden Evergrande missed a key interest payment for the second time last week as it struggles to refinance over $300 billion in liabilities.
The benchmark DAX dropped 82 points, or half a percent, to 15,074 after declining 0.7 percent on Friday.
Banks led losses, with Deutsch Bank falling more than 2 percent. Automaker Daimler lost 1.4 percent and Volkswagen gave up 1.5 percent.
Deutsche Lufthansa AG was down about half a percent. The airline announced 130 additional flights to sunny destinations for the upcoming autumn holidays, citing increasing demand. The additional flights to leisure destinations are from Frankfurt and Munich.
Market Analysis
DAX Slides On Evergrande Concerns
2021-10-04 08:57:32
