After a good start, Dax closes deep in the red

Dusseldorf The German stock market recorded its biggest weekly loss in nine months. The leading index Dax closed on Friday 1.3 percent down at 14,768 points. The losses add up to 4.3 percent on a weekly basis.

In the morning it had looked as if the Frankfurt stock exchange barometer could limit its weekly losses. The Dax was at times more than one percent up. The trigger for the ensuing change in sentiment was renewed price losses at Credit Suisse and concerns about European and American banks.

Analyst Konstantin Oldenburger from the online broker CMC Markets explains: “Anyone who had hoped for a conciliatory end to the week in the German share index was bitterly disappointed today. After the encouraging recovery yesterday, concerns about the state of the financial sector came back with full force to the stock market today.”

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