- Germany’s DAX index plunged 2.7% on Monday, one of its worst performances in recent memory.
- The benchmark index is set to continue lower after Germany confirmed its first case of coronavirus.
- Germany’s foreign minister has urged citizens to avoid all but necessary travel to China.
German stocks took a beating on Monday, and the downtrend look set to continue on Tuesday as authorities in the European country confirmed their first case of coronavirus.
Berlin is already considering evacuating its citizens from China and has urged its citizens not to make any “unnecessary trips” to the country.
DAX Under Pressure
The DAX 30 index plunged 371.91 points, or 2.7%, to 13,204.77 in Monday trading. The decline pulled the benchmark index into negative territory for the year.
Declines in Germany outpaced the broader European market at the start of the week. The Europe Stoxx 600 Index closed down 2.3% on Monday.
Stock futures are pointing to another brutal drop in Tuesday’s session. The DAX’s March futures contract plunged 353.50 points, or 2.6%, in after-hours trading to settle at 13,211.00.
Disclaimer: The opinions in this article do not represent investment or trading advice from CCN.com.
This article was edited by Josiah Wilmoth.
Last modified: January 28, 2020 12:23 AM UTC