German blue chips drop; E.ON plunged 11%

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Source: Dukascopy Bank SA
© Scanpix/Reuters
German shares sank on Tuesday as investors turned to safe-haven assets after the IMF disagreed on Greek bailout terms. Worries over fiscal cliff in the US and fading hopes for easing in China also added pressure on German blue chips. The DAX Index plunged 0.78% and is currently trading at 7,113.11. Four in nine sectors moved higher. Technology and consumer services were the best-performers. SAP gained 1.1%, while Deutsche Lufthansa climbed 0.64%. Deutsche Lufthansa was higher after reaching an agreement to end the labour dispute. Utilities led losses, falling 8.95%. E.ON sagged 11.42% after cutting its earnings forecast for the next year. RWE tracked losses of its counterpart, declining 5.37%. K+S shed 4.94% after the firm narrowed its estimates for the full year earnings to the lower end of the guidance range, despite upbeat Q3 results.


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