German shares plunge on growing concerns over the Euro-area's debt crisis

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Source: Dukascopy Bank SA
European stocks retreated on Thursday amid negative data on the U.S. economy and Draghi's woes over the Eurozone's debt crisis. The DAX Index decreased 0.7%, or 47.16 points, to 7,879.23. The leading sectors were telecommunications and health care that added 2.2% and 1.7%, respectively. Fresenius Medical Care AG & Co KGaA surged 4.1% to 56.25 euros, as the company's shareholders plan to initiate a share buy-back programme. Furthermore, Deutsche Telekom AG rose 2.6% to 8.57 euros on news the operator plans developing a new mobile payment system. E.ON SE closed the top-three performers' list with a 2.5% jump to trade at 14.22 euros, as the energy company found a partner for developing wind farms in the U.S. and Canada. Alongside to that, Heidelberg Cement AG lost 3% to 55.46 euro, pushing basic materials sector into the red zone. Continental AG, an auto and truck parts manufacturing company, plummeted 2.5% to 92.53 euros, despite its plans to invest $20 million in a new factory in Russia. Deutsche Lufthansa AG followed with a 2.2% decline to close at 15.04 euros.


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