German equities drop on US fiscal cliff, Greek woes

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Source: Dukascopy Bank SA
© Scanpix/Reuters
German shares plunged in risk-off Friday's session. Market players remained cautious amid growing uncertainty over fiscal cliff in the US and worries over whether Greece will receive financial aid. On Friday, German Finance Minister Wolfgang Schaeuble stated that may be too early to grant the next tranche of the bailout to Greece. The DAX Index dropped 1.55% and is currently trading at 7,092.98. Only one company within the index managed to post mild gains. Deutsche Post inched up 0.79%. On the downside were financials. Deutsche Bank and Commerzbank declined 4.60% and 5.77%. Allianz plunged 2.59% despite reporting upbeat quarterly results. The company's net profit climbed almost sevenfold in Q3. Meanwhile, BMW shed 0.06% despite announcing a record global sales in October due to stronger demand from Asia and the US.


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