• Germany's news in English

DAX suffers worst dive since November 2008

The Local · 18 Aug 2011, 18:24

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

Facebook Twitter Google+ reddit

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)

Facebook Twitter Google+ reddit

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."


".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.
Today's headlines
This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Parents who don't get nursery spot for kid entitled to pay
Photo: DPA

The Federal Court of Justice (BGH) ruled on Thursday that parents whose children don't receive placements in nursery care are entitled to compensation.

Eurowings braces as cabin crew union proclaims strike
Photo: DPA

A union representing cabin crew for Lufthansa's budget airline Eurowings announced that strikes could take place at any time over the next two weeks, starting on Monday.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd