Economic news

Europe’s stocks crash, DAX shows worst decline

European shares retreated from nearly 6-month highs on Wednesday with German benchmark leading losses due to a high-profile case against the manufacturer of weed control drugs Bayer.

european stocks fall 2003

The pan-European STOXX 600 index dropped  0.60 percent to 382.00 as investors took profits after five sessions of growth.

Germany’s DAX became the leader of Wednesday’s fall, having dipped by 1.47percent, to 11,614.82, after the San Francisco jury ruled the Roundup case against Bayer’ Monsato. This is the second trial on the herbicide case in which Bayer is involved. Bayer shares plunged 11.541 percent at 13.44 GMT.

Trade-sensitive DAX was affected also by the uncertainty in the development of Sino-American negotiations.

German multinational company BMW fell 5.30 percent after the worse than expected earnings forecast for the current year.

UK’s FTSE 100 recovered 0.13 percent to 7,333.58, whereas Spain’s Ibex 35 dropped 0.48 percent to 9,447.10.

Shares of British retailer Kingfisher PLC fell by 2.24 percent after the announcement of a 13 percent drop in its annual profits and the resignation of the executive director of Véronique Laury.

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree