MARKETS-STOCKS/EUROPE Germany's DAX falls to below 10,000 points for first time since January

Record ID: 142769

  • Title: MARKETS-STOCKS/EUROPE Germany's DAX falls to below 10,000 points for first time since January
  • Date: 24th August 2015
  • Summary: FRANKFURT, GERMANY (AUGUST 24, 2015) (REUTERS) EXTERIOR OF FRANKFURT STOCK EXCHANGE HIGH SHOT OF FLOOR DOWNWARD-POINTING DAX CURVE VARIOUS OF TRADERS VARIOUS OF BANK SHARES ON BOARD TRADERS PAN ACROSS BOARD (SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "The 10,000 mark is psychologically important. The index is no longer five digit, it's four digit and now we have entered a panic modus. Investors are losing their cool and everyone, even those who showed no interest in stocks over the summer, is waking up, saying 'what's going on in China?' China is the biggest problem factor. There is a fear that China is no longer growing as rapidly and could therefore stall the world economy. If that happens, we would have a larger problem but it's really not all that bad." VARIOUS OF TRADERS BOARD SHOWING DAX LOW OF 9,759.73 POINTS AT 09:08 A.M. (0708 GMT) (SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "Stock markets plummeted massively. The Chinese should continue to consume. The Chinese central bank is called upon to do something to stabilise the economy but it must be recalled that for many years, China was planning past the needs of the economy and this is now the revenge. But in my view, China will ultimately overcome this because the commandos from the top have always worked in the past." VARIOUS OF TRADERS WIDE OF DAX BOARD HIGH SHOT OF FLOOR
  • Embargoed: 8th September 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVA2JILPKGTLHCTYC2LLSYVD1ZWF
  • Aspect Ratio: 16:9
  • Story Text: European stocks fell sharply at the open on Monday (August 24), with Germany's DAX opening more than three percent lower as a slide in Chinese markets continued to roil equities globally.
    After the DAX fell to below 10,000 points for the first time since January, Frankfurt trader Robert Halver of Baader bank said "the 10,000 mark is psychologically important."
    "The index is no longer five digit, it's four digit and now we have entered a panic modus. Investors are losing their cool and everyone, even those who showed no interest in stocks over the summer, is waking up, saying 'what's going on in China?".
    According to Halver, "China is the biggest problem factor. There is a fear that China is no longer growing as rapidly and could therefore stall the world economy. If that happens, we would have a larger problem but it's really not all that bad."
    Halver said he was convinced that China will "ultimately overcome" the current situation "because the commandos from the top have always worked in the past."
    Stocks slid after Beijing offered no big policy move at the weekend to support equities, as was widely expected after last week's 11 percent plunge.
    Some tow and a half hours into trading, the DAX was at 9,880 points, a loss of 244 points or 2.4 percent.
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