German stocks fell sharply on Monday to extend losses from the previous session as a global stock market rout intensified on concerns that a U.S. recession might be imminent.
Weak service sector activity data and the threat of a wider conflict in the Middle East also kept investors nervous.
A survey showed growth in Germany’s services sector slowed for the second consecutive month in July.
The benchmark DAX was down 408 points, or 2.3 percent, at 17,253 after losing 2.3 percent on Friday.
Banks Commerzbank and Deutsche Bank tumbled 3-4 percent while automakers BMW, Mercedes Benz and Volkswagen were down 2-3 percent.
Infineon Technologies rose about 2 percent after reports that Nvidia is delaying its next-generation artificial intelligence chips by at least three months.
Aurubis plunged 6.2 percent after the copper producer reported third-quarter earnings before tax (EBT) below expectations.
DAX Extends Losses On Economic Worries
2024-08-05 08:58:50
