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The Fear Of Corona Has Seriously Affected The Dax

The fear of the rising wave of corona infections has seriously affected the Dax at the start of the week...

The Fear Of Corona Has Seriously Affected The Dax
Yazar: Tom Roberts

Yayınlanma: 22 Eylül 2020 21:08

Güncellenme: 20 Nisan 2024 12:34

The Fear Of Corona Has Seriously Affected The Dax

The fear of the rising wave of corona infections has seriously affected the Dax at the start of the week. In the end, the leading index narrowly escaped its biggest daily loss since mid-March, when the virus crash was still going on. From trading it went 4.37 percent lower at 12,542.44 points. Shortly before, it had fallen close to 12,500 points to a low since early August.
According to market analyst Milan Cutkovic from the trading house AxiTrader, the rising number of infections in Europe became the next disruptive factor in the stock rally that has recently stalled. The MDax also went down a lot. The index of medium-sized stock market stocks lost 3.68 percent to 26,499.95 points. In Germany, the number of new infections reported on Friday reached a high for almost five months, while in some neighboring countries there is an even higher incidence of infections. The British Minister of Health Matt Hancock did not rule out a new lockdown in a BBC interview. In this case, stockbrokers fear catastrophic effects on the economy. Leak puts pressure on Deutsche Bank In the Dax there were only losers. At the end of the index, Deutsche Bank's paper dropped 8.8 percent. The financial sector also suffered severe losses across Europe. The reason for this was a leak in confidential money laundering reports from the US Treasury Department about dubious payment flows, the so-called "FinCEN files". Deutsche Bank is one of the banks explicitly mentioned in the report. Even if some questions had to be clarified, the files increased the regulatory and sanction risks for the industry in any case, said market analyst Neil Wilson of Markets.com. The fact that the Frankfurt bank should be on a takeover wish list from Swiss UBS did not help in this environment.
Among the German small cap stocks, the escalating dispute with the Spanish Telefonica group dealt the shareholders of United Internet and 1 & 1 Drillisch a powerful blow. After it became known that both had to cut their goals for this year due to rising costs of access to the O2 network, United shares fell by almost a quarter and 1 & 1 even fell by almost 28 percent. Telefonica Deutschland's shares followed the overall market by around four percent.
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