DAX remains heavy after Wirecard crashes on fraud report

Shares of fintech giant, Wirecard crashed after the Financial Times report that a senior Wirecard executive was suspected of using forged and backdated contracts in a string of supsicious contracts. The potential supsicous transactions will reignite concerns that Wirecard’s accounting and governance are not up to par. In September, Wirecard replaced Commerzbank in the DAX 30 index. Germany’s DAX fell 0.5% following the news, bucking the positive trend seen in the STOXX 600, CAC and FTSE.  The euro remains little changed on the session trading above the 1.14 handle.

 

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Ed Moya

Ed Moya

Senior Market Analyst at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya