DAX Suffers Worst Day in Over 8 Months
Frankfurt's DAX index tumbled by approximately 3% to settle at 21,700 on Thursday, marking its most significant daily drop since July 2024. This downturn mirrors the steep declines observed in both European and global markets, driven by U.S. President Donald Trump's comprehensive tariff strategy. The newly introduced "reciprocal tariffs" impose a 10% baseline rate on all U.S. imports, with a 20% tariff specifically targeting goods from the European Union, and a hefty 25% duty on imported automobiles. Most sectors experienced notable losses, particularly impacting sportswear titans Adidas and Puma, which each saw their shares plummet by over 11%. The U.S. fashion and sportswear industries are heavily reliant on imports, with 98% and 99% of their products being sourced internationally, respectively. Additionally, banks, technology firms, and automotive stocks endured significant downward pressure. Conversely, defensive sectors, including real estate, utilities, and healthcare, registered gains amidst the market turmoil.
The material has been provided by - RobotFX
No comments:
Post a Comment