DAX Tumbles As Virus Worries Weigh

German stocks tumbled on Wednesday as fears over the relentless spread of the coronavirus outbreak overshadowed global stimulus efforts to soften the economic impact.


The benchmark DAX slumped 372 points, or 4.1 percent, to 8,574 after rising 2.3 percent in the previous session.


BMW shares fell nearly 6 percent. The luxury carmaker said it expects fiscal 2020 Group profit before tax significantly lower than in 2019, due to the global spread of coronavirus or Covid-19.


Volkswagen lost 6.6 percent after announcing plans to suspend production at European factories over COVID-19 fears.


Daimler Group declined 4.3 percent. The automaker has decided to suspend the majority of its production in Europe, as well as work in selected administrative departments for two weeks, due to the worsening situation of the COVID-19 pandemic.


Europe's passenger car sales declined in February largely due to changes in vehicle taxation in EU member countries, weakening global economic situation and consumer uncertainty, data from the European Automobile Manufacturers' Association showed today.


Passenger car sales decreased 7.4 percent year-on-year to 957,052 units in February. Sales were down 7.5 percent in January.


Among member states, Germany logged the biggest fall of 10.8 percent in February, followed by an 8.8 percent decrease in Italy and a 6 percent drop in Spain.


Aircraft engine manufacturer MTU Aero Engines plunged 15 percent as airlines halt deliveries and new orders to conserve cash.


Munich Re gave up 4.4 percent. The provider of reinsurance, primary insurance and insurance-related risk solutions backed its fiscal 2020 profit forecast, adding that it is strategically and financially well on course.

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