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DAX suffers worst dive since November 2008

The Local · 18 Aug 2011, 18:24

Published: 18 Aug 2011 18:24 GMT+02:00

The index of Germany's 30 leading blue-chip companies closed at 5,602.80 points, down by 5.82 percent after dropping over seven percent at one point.

The precipitous fall was the third consecutive decline for the DAX, erasing a minor recovery from last week. The index is down a whopping 21 percent this month.

Traders in Frankfurt said the sell-off gathered steam when the US stock markets opened sharply lower after data showed the world’s largest economy appeared to be cooling.

But German equities took a hammering earlier in the trading day amid a slew of stop-loss orders, which are sales triggered after falling shares hit a certain price.

Investors continue to remain extremely jittery about Europe’s ongoing sovereign debt crisis and America’s sluggish growth.

Story continues below…

“The markets were already appearing weak on Tuesday and Wednesday,” said analyst Christoph Schmidt at asset management outfit NMF AG, adding that bad US data was enough to push the DAX off the cliff.

DPA/The Local/mry

The Local (news@thelocal.de)

Your comments about this article

19:00 August 18, 2011 by Dizz
"A self-fulfilling prophecy is a prediction that directly or indirectly causes itself to become true, by the very terms of the prophecy itself, due to positive feedback between belief and behavior."

Wikipedia

".auto-suggestion (is).. an instrument that we possess at birth, and with which we play unconsciously all our life, as a baby plays with its rattle. It is however a dangerous instrument; it can wound or even kill you if you handle it imprudently and unconsciously. It can on the contrary save your life when you know how to employ it consciously"

Emile Coue
19:59 August 18, 2011 by derExDeutsche
Let me guess, George Soros made a couple € on the 'misfortune' .
20:56 August 18, 2011 by melbournite
and to think that my bank contact person tried just a few months ago to get me to gamble my savings on the stock market. Looks like the Great Casino has come unstuck again
22:47 August 18, 2011 by catjones
melbournite...don't be so sure. DB and Commerzbank led the downturn and their losses infected American banks. Thank the U.S. for the last recession; EU for the next.
08:01 August 19, 2011 by marimay
That's what happens when you play pretend recovery.
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