German stocks fell sharply on Tuesday after ceasefire talks between Russia and its southern neighbor held on Monday failed to reach a breakthrough.
In economic releases, today’s PMI data showed factory supply chains were recovering in February with sales rising both domestically and internationally.
The benchmark DAX dropped 156 points, or 1.1 percent, to 14,305 after losing 0.7 percent the previous day.
Banks extended losses, with Commerzbank and Deutsche Bank both falling around 2 percent.
Chemicals maker Covestro surged 4.6 percent after saying it had more than doubles its full-year core profit.
Sportswear brand Adidas edged down slightly after announcing that it has formally completed the sale of its arm Reebok, to Authentic Brands Group, an American apparel, athletics, and entertainment brands owner.
Zalando, Europe’s biggest online fashion retailer, plunged 6.4 percent. The company forecast sales growth to decelerate this year.
Market Analysis
DAX Retreats As Peace Talks Fail To Reach Breakthrough
2022-03-01 09:18:19
