German equities drop at risk-off trading

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Source: Dukascopy Bank SA
German shares tumbled at Tuesday's risk-off trading. Market players turned to safe-haven assets after Moody's downgraded credit rating of five Spanish regions. Disappointing quarterly results of the European majors also created heavy pressure on the German blue chips. The DAX Index plunged 1.46% and is currently trading at 7,186.97. All sectors included in the index sank. Moreover, all DAX companies dropped. The top-losers were basic materials and consumer services. Shares of BASF, K+S and ThyssenKrupp shed 3.81%, 2.75% and 3.29%. Financials also posted losses, with Commerzbank and Deutsche Bank slumping 2.95% and 3.47%.


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