DAX sinks over 450 pts at close on economic worries

Monday, 26. October 2020 17:32

Major European stock markets closed lower on Monday amid rising concerns over the recovery from the economic crisis with new record spikes in infections from COVID-19 reported throughout the continent. The Ifo Institute found the business climate in Germany had worsened in October, while Bundesbank warned the pace of the rebound had slowed. Meanwhile, the European Central Bank's Pablo Hernandez de Cos predicted a rise in the bad loans ratio. Lastly, British Prime Minister Boris Johnson denied London was delaying reaching the post-Brexit trade agreement with the European Union amid rising tensions between the United Kingdom and the bloc.

The DAX plunged 3.65% or 462 points at the close as SAP SE sank by 21.94%. The FTSE 100 went down by 1.16% with the International Consolidated Airlines Group SA dropping by 7.20%. The CAC 40 fell by 1.90% as Capgemini SE declined by 6.11%.

The euro lost 0.32% to the dollar to exchange hands for $1.18216 at 5:27 pm CET. At the same time, the pound sterling decreased by 0.22% against the United States' currency to sell for $1.30169.

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Breaking the News / JR