GERMANY: DAX closes almost 5 percent down over worries of a global recession

Record ID: 863053

  • Title: GERMANY: DAX closes almost 5 percent down over worries of a global recession
  • Date: 23rd September 2011
  • Summary: FRANKFURT, GERMANY (SEPTEMBER 22, 2011) (REUTERS) EXTERIOR OF STOCK EXCHANGE EU FLAG VARIOUS OF TRADERS DAX BOARD AT 16.59 LOCAL VARIOUS OF TRADERS DAX GRAPH DAX AT 17.44 LOCAL ROBERT HALVER FROM BAADER BANK AG TALKING TO TRADER WIDE TRADING FLOOR (SOUNDBITE) (German) ROBERT HALVER FROM BAADER BANK AG, SAYING: "We have accumulative uncertainties right here at the Frankfurt stock exchange, definitively. First of all, it seems that the Fed has lost its ammunition to conquer the bad economic problems we are facing in America. Secondly, we have a banking crisis. And third, most of all, politics is not able to do anything." BOARD SHOWING LOWEST AND HIGHEST VALUES OF THE DAY (SOUNDBITE) (German) ROBERT HALVER FROM BAADER BANK AG, SAYING: "We are facing difficult political times. Even if the German Bundestag will approve the expanded rescue package for Greece. It's no solution because Greece is not able to be a member of the euro zone because it's absolutely not willing to accept the economic standards we all need to be members of the euro zone." TRADING FLOOR VARIOUS OF TRADERS BOARD SHOWING DAX GRAPH TRADING FLOOR
  • Embargoed: 8th October 2011 13:00
  • Keywords:
  • Location: Germany, Germany
  • City:
  • Country: Germany
  • Topics: Business,Finance
  • Reuters ID: LVABQ7LQOZKQ8HG877T02Y9H596P
  • Aspect Ratio:
  • Story Text: European shares slumped to a 26-month closing low on Thursday (September 22) after a gloomy economic outlook from the U.S. Federal Reserve and weak data from China and Europe prompted a resurgence of growth fears and a broad-based retreat from equity market risk.
    The Fed said overnight it now saw "significant" downside risks to the economy.
    Germany's DAX on Thursday closed almost 5 percent down as a result of fears of a global recession.
    "We have accumulative uncertainties right here at the Frankfurt stock exchange, definitively. First of all, it seems that the Fed has lost its ammunition to conquer the bad economic problems we are facing in America. Secondly, we have a banking crisis. And third, most of all, politics is not able to do anything," Robert Halver from Baader Bank Ag said.
    German markets continue to be jittery ahead of a parliament vote at the end of September over whether to extend the euro's bailout fund.
    "We are facing difficult political times. Even if the German Bundestag will approve the expanded rescue package for Greece. It's no solution because Greece is not able to be a member of the euro zone because it's absolutely not willing to accept the economic standards we all need to be members of the euro zone," Halver said.
    Germany's Chancellor Angela Merkel continues to say that if Greece leaves the euro zone it could create a dangerous domino effect and risk the euro altogether.
  • Copyright Holder: REUTERS
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