The leading German index is on a downward trend this year – despite the recent recovery.
(Photo: Bloomberg Creative/Getty Images [M])
Frankfurt The deteriorating economic prospects are unsettling investors in the German stock market. The leading index Dax increases its losses over the course of the day and is two percent lower at 14,129 points at noon.
Financials, which had previously benefited from rising bond yields, also turned negative recently. The biggest losers in the Dax are the online retailers Zalando, Delivery Hero and Hellofresh with losses of between five and seven percent. Auto stocks are also falling sharply. The US stock market also started lower, with the Nasdaq index, which contains tech stocks, being particularly affected.
Two factors are depressing the mood on the market on Wednesday: On the one hand, the USA and its allies want to put further punitive measures under pressure on the Russian economy because of the war in Ukraine. A package coordinated with the G7 countries and the EU is to be presented on Wednesday.
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