DAX Futures are Getting Crushed as Germany Braces for Coronavirus

• Germany’s DAX index plunged 2.7% on Monday, one of its worst performances in recent memory.
• The benchmark index is set to continue lower as the Berlin braces for a coronavirus outbreak.
• Germany’s foreign minister has urged citizens to avoid all but necessary travel to China.

German stocks took a beating on Monday, and the downtrend look set to continue on Tuesday as authorities in the European country braced for a potential coronavirus outbreak.

Berlin is already considering evacuating its citizens from China and has urged its citizens not to make any “unnecessary trips” to the country.

DAX Under Pressure

The DAX 30 index plunged 371.91 points, or 2.7%, to 13,204.77 in Monday trading. The decline pulled the benchmark index into negative territory for the year.

Germany’s DAX plunged on Monday and looks set to do so again on Tuesday. | Chart: Bloomberg

Declines in Germany outpaced the broader European market at the start of the week. The Europe Stoxx 600 Index closed down 2.3% on Monday.

Stock futures are pointing to another brutal drop in Tuesday’s session. The DAX’s March futures contract plunged 353.50 points, or 2.6%, in after-hours trading to settle at 13,211.00.

Disclaimer: The opinions in this article do not represent investment or trading advice from CCN.com.

This article was edited by Josiah Wilmoth.

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