German Stocks Hit 1 Year Low After Bad Data

Shares in top German companies plunged Friday to their lowest levels in a year as Europe’s biggest economy teeters on the brink of another recession.
Germany’s DAX index fell by more than 2% to about 8,800. The summer’s record high above 10,000 is now a distant memory.

The index has fallen 4% over the past five days and nearly 8% since the start of 2014.

Most European markets are now flashing red for the year but Germany has been particularly hard-hit after a recent series of disastrous data.

The German economy slipped into reverse in the second quarter of the year, contracting by 0.2% and slamming the brakes on the fragile eurozone recovery.
August numbers for industrial production, factory orders and exports were all deeply negative, putting Germany on course to shrink further in the third quarter.

That would push the manufacturing giant into its third recession since the 2008 global financial crisis.

The Ukraine crisis has hurt exports to Russia, and business confidence has taken a beating.

via CNN

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