GERMANY: Germany's DAX index hits four-month low taking traders in Frankfurt by surprise

Record ID: 863440

  • Title: GERMANY: Germany's DAX index hits four-month low taking traders in Frankfurt by surprise
  • Date: 17th April 2013
  • Summary: FRANKFURT, GERMANY (APRIL 16, 2013) (REUTERS) EXTERIOR OF FRANKFURT STOCK EXCHANGE EU FLAG BOARD SHOWING DAX GRAPH VARIOUS OF TRADERS BOARD SHOWING DAX GRAPH (SOUNDBITE) (German) TRADER AT BAADER BANK, STEFAN SCHARFFETTER, SAYING: "Today's slump came as a real surprise for us. The numbers which we had from abroad were all technically very good. We thought it would be a normal trading day today and then the DAX suddenly fell more than 200 points. We can see that there is pressure on the future markets and that sales programmes ran here which triggered stop-loss orders and increased the pressure even more. That's when the DAX got down to 7500 points." BOARD SHOWING DAILY HIGH AND LOW OF DAX VARIOUS OF TRADING FLOOR
  • Embargoed: 2nd May 2013 13:00
  • Keywords:
  • Location: Germany
  • City:
  • Country: Germany
  • Topics: Economy
  • Reuters ID: LVACV7G92SCQ9SOO7VBWQH7G60NJ
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  • Story Text: Germany's DAX index hit a four-month low on Wednesday (April 17) taking traders in Frankfurt by surprise.
    On the fourth session of falls in a row Germany's DAX was down 1.46 percent at 7570 points. at 1230gmt There was no obvious trigger for the falls beyond overall negative sentiment, setting off a series of rumours. Among the reasons given by traders for the move lower was talk of a sovereign downgrade in Europe, fresh tensions in the Middle East, a large programme trade by a leading investment bank as well as an erroneous trade on the DAX index .
    The German blue-chip benchmark was the hardest hit, while UK's FTSE 100 index was down 0.6 percent and France's CAC 40 down 0.9 percent.
    "Today's slump came as a real surprise for us. The numbers which we had from abroad were all technically very good. We thought it would be a normal trading day today and then the DAX suddenly fell more than 200 points. We can see that there is pressure on the future markets and that sales programmes ran here which triggered stop-loss orders and increased the falling pressure even more. That's when the DAX got down to 7500 points," Stefan Scharffetter from Baader Bank told Reuters TV.
    Miners featured among the top losers, with Lonmin down 4.1 percent, Randgold down 2.9 percent and Rio Tinto down 2.6 percent, falling along with metal prices on jitters about demand growth.
    Bucking the trend, shares in Airbus parent EADS gained 4.9 percent after Daimler sold its stake in the company, a key step in the overhaul of EADS's core ownership.
  • Copyright Holder: REUTERS
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