German stocks plunged on Monday amid renewed fears of an imminent invasion of Ukraine.
According to the Wall Street Journal, a Russian invasion of Ukraine would be the most consequential use of military force in Europe since World War II and could put Moscow in a position to threaten U.S. allies in Europe.
The benchmark DAX fell 554 points, or 3.6 percent, to 14,865 after closing 0.4 percent lower on Friday.
Banks led losses, with Commerzbank plummeting nearly 7 percent after Germany’s finance minister said the government would not keep its stake in the lender in the long run. Rival Deutsche Bank lost more than 5 percent.
Automakers also succumbed to selling pressure, with BMW, Daimler and Volkswagen falling 3-4 percent.
DAX Slumps Amid Rising Ukraine Tensions
2022-02-14 09:17:39
