- Title: GERMANY: DAX opens more than 2 percent lower
- Date: 23rd May 2013
- Summary: FRANKFURT, GERMANY (MAY 23, 2013) (REUTERS) VARIOUS EXTERIORS OF FRANKFURT STOCK EXCHANGE HIGH SHOT OF FLOOR CLOCK ON DAX BOARD TURNING TO 9 A.M. (0700 GMT) WHEN TRADING BEGINS BOARD/ WIDE OF FLOOR VARIOUS OF TRADERS WORKING ON COMPUTERS ROBERT HALVER, HEAD OF BAADER BANK'S CAPITAL MARKET ANALYSIS DEPARTMENT SPEAKING ON PHONE DAX BOARD (SOUNDBITE) (German) HEAD OF BAADER BANK'S CAPITAL MARKET ANALYSIS, ROBERT HALVER, SAYING: "The stock market right now depends almost 100 percent on the monetary policy and in the United States, they don't seem to know what they want, whether to pump in more money or not. The markets are unsettled which means that the monetary policy makers need to be careful about what they say. Monetary policy decides everything here." BOARD SHOWING DAX CHANGE OF MINUS 157.73 POINTS OR 1.85 PERCENT LOSS (SOUNDBITE) (German) HEAD OF BAADER BANK'S CAPITAL MARKET ANALYSIS, ROBERT HALVER, SAYING: "Even if there is a two percent drop that's very healthy. We don't need a one way street. A drop reminds us that shares are risk capital and anyone who thinks that the DAX will reach 12,000 points now needs to be told that it will still take a little while. So nothing has changed. Shares are a long-term investment with only one solution: make regular monthly savings and don't look." PAN ACROSS BANK SHARES BOARD HIGH SHOT OF TRADERS VARIOUS OF TRADERS WIDE OF DAX BOARD HIGH SHOT OF FLOOR
- Embargoed: 7th June 2013 13:00
- Keywords:
- Location: Germany
- City:
- Country: Germany
- Topics: Economy
- Reuters ID: LVAAL6DW8PRF0TPHIN7CFMTWRNPC
- Aspect Ratio:
- Story Text: Germany's DAX index opened 2.1 percent lower on Thursday (May 23) after U.S. Federal Reserve chairman Ben Bernanke told a congressional committee late on Wednesday that the central bank could scale back the pace of bond purchases at one of its next few meetings.
European shares overall went into a tailspin early on Thursday, spooked by concerns that the Fed could soon taper its stimulus programme and compounded by weak economic data from China.
Frankfurt trader Robert Halver, head of Baader bank's capital market analysis, indirectly criticised Bernanke, saying "the stock market right now depends almost 100 percent on the monetary policy and in the United States, they don't seem to know what they want, whether to pump in more money or not."
"The markets are unsettled which means that the monetary policy makers need to be careful about what they say. Monetary policy decides everything here," said Halver.
Almost two hours into trading, the DAX had lost 223 points and was down to 8,306 points, a loss of 2.64 percent. - Copyright Holder: REUTERS
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