Economy: Dax gives way sharply – US rescue measures do not calm down

Frankfurt/Main (dts news agency) – In view of an impending banking crisis, the Dax fell significantly in the first few hours of trading on Monday. In the meantime, the minus was more than three percent, then the index caught up and around 12:30 p.m. the stock market barometer was estimated at 15,105 points, 2.1 percent below Friday’s close.

Bank shares were particularly hard hit, although they were still trading at premiums early in the morning. Commerzbank shares dropped more than ten percent by midday, Deutsche Bank almost six percent. “The nervousness has clearly increased again and some market participants feel reminded of the times 2007/2008”, commented market expert Andreas Lipkow on the course of trading.

With California’s Silicon Valley Bank and New York’s Signature Bank shutting down, there’s now speculation that another US lender might be in trouble. The shares of the First Republic Bank temporarily lost more than 60 percent of their market value in pre-market trading. Investors are therefore looking forward to the opening of the regular US market in the afternoon German time.

The European single currency trended weaker on Monday afternoon. One euro cost 1.0661 US dollars (-0.29 percent), one dollar was therefore available for 0.9380 euros.