- Title: MARKETS-STOCKS/EUROPE Germany's DAX edges up despite China market volatility
- Date: 28th July 2015
- Summary: FRANKFURT, GERMANY (JULY 28, 2015) (REUTERS) TRADING FLOOR TRADERS BOARD SHOWING DAX GRAPH VARIOUS OF TRADERS BOARD SHOWING FIRST VALUE OF DAX FOR THE DAY AT 11,129.91 POINTS TRADERS VARIOUS OF BANK SHARES TRADER BOARD SHOWING INDICES (SOUNDBITE) (German) HEAD TRADER AT HAUCK & AUFHAEUSER, FIDEL HELMER, SAYING: "We must not forget that China grew by 150 percent in one year so if it loses 30 percent now then that is a normal technical reaction. But at some point we should be able to see an end to the slide because otherwise it could have an effect on the economy." TRADERS BOARD SHOWING LOWEST DAILY VALUE OF 11,068.31 POINTS AT 9:48 LOCAL (0748GMT) (SOUNDBITE) (German) HEAD TRADER AT HAUCK & AUFHAEUSER, FIDEL HELMER, SAYING: "It could be the case that if the Chinese or the exchange in Shanghai continues to fall, then it could have an effect on our exports because the Chinese would then no longer be in a position to buy German cars as there would be less cash. This would mean that there would be less opportunity for the Chinese to buy." TRADERS BOARD SHOWING DAILY HIGHEST VALUE OF DAX AT 11,161.38 POINTS AT 10:59 LOCAL (0859GMT) PEOPLE LOOKING ON BOARD SHOWING DAX GRAPH TRADING FLOOR
- Embargoed: 12th August 2015 13:00
- Keywords:
- Location: Germany
- Country: Germany
- Topics: General
- Reuters ID: LVADHOFIJOU3CWVSE2HU6R8IK8NW
- Aspect Ratio: 16:9
- Story Text: German shares rebounded on Tuesday (July 28) after falling in the previous sessions on concerns over China's growth.
At 1017GMT, Germany's DAX index was up 1.52 per cent at 11,225.13 points despite fear over the past five days about China's growth, which had dominated the market on Monday (July 27) and had pushed the DAX down 2.6 percent.
Shanghai shares fell again on Tuesday even after Beijing pledged to lend support. Stocks sank eight per cent on Monday (July 27).
But one trader in Frankfurt said there was no need to panic.
"We must not forget that China grew by 150 percent in one year so if it loses 30 percent now then that is a normal technical reaction. But at some point we should be able to see an end to the slide because otherwise it could have an effect on the economy," Fidel Helmer, head trader at private bank Hauck & Aufhaeuser at the Frankfurt stock exchange, said.
"It could be the case that if the Chinese or the exchange in Shanghai continues to fall, then it could have an effect on our exports because the Chinese would then no longer be in a position to buy German cars as there would be less cash. This would mean that there would be less opportunity for the Chinese to buy," Helmer told Reuters TV.
Since hitting a peak in early June, Chinese shares have gone through a roller-coaster ride with main indexes plummeting by a third in less than a month before rebounding by a quarter, only to then have their biggest one-day fall since 2007 on Monday.
Authorities in Beijing said they will step up efforts to shore up the market, something which could help soothe nerves in Western markets as well. - Copyright Holder: REUTERS
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