German stocks plunged on Monday after disappointing business confidence data. German Ifo Business Climate Index dropped 0.9 point attaining seasonally adjusted 101.4 this month compared to a forecast of 102.5. Moreover, France and Germany did not manage to agree on all terms of banking union over the weekend thus creating additional pressure on German shares. The DAX Index sank 0.63% and is currently training at 7,404.79. Only two in nine sectors included in the index advanced. Health care and industrials gained, with Fresenius SE & Co and Fresenius Medical Care AG & Co climbing 0.80% and 0.49%. At the same time, financials and consumer goods were the top-losers, slumping 1.40% and 1.15%. Shares of Commerzbank and Deutsche Bank tumbled 4.57% and 1.60% while equities of Beiersdorf and Henkel AG & Co declined 0.89% and 0.80%.