The leading German index had reached several new record highs in the last stock market year.
(Photo: Bloomberg Creative/Getty Images [M])
Dusseldorf The German stock market extended its losses on Thursday. The trigger was the worsening situation in Ukraine, which caused losses of between 1.4 and 1.6 percent for the major indices on the US stock market. The German leading index Dax held up a little better and was down around one percent at 15,213 points in the late afternoon.
Limited fighting between separatists and the Ukrainian army was reported from eastern Ukraine on Thursday. “Despite Russia’s assurances to the contrary, the risk of a Russian invasion of Ukraine has not been averted from the market participants’ point of view,” warned Commerzbank analyst Carsten Fritsch.
Given the uncertainty, safe haven assets were in demand. Meanwhile, gold prices rose 1.4 percent to an eight-and-a-half-month high of $1,895.32 an ounce. Government bond prices also rose, while yields on ten-year US Treasuries and their German counterparts fell to 1.986 and 0.244 percent, respectively.
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