DAX Down 89 Points As Virus Cases Surge

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(RTTNews) – German stocks declined on Thursday as new coronavirus cases continued to surge and a survey showed German consumer confidence is set to weaken in November.

Germany has recorded more than 11,200 new Covid-19 cases over the past 24 hours, the first time since the start of the pandemic that more than 10,000 Covid-19 cases were recorded in the country in a single day.

Market research group Gfk said its forward-looking consumer sentiment index fell more-than-expected to -3.1 from -1.7 in October.

All three sub components, namely economic and income expectations and the propensity to buy declined in October. After five rises in a row, the economic sentiment decreased seventeen points to 7.1 points in October.

Concerns surrounding delays to U.S. economic stimulus and the possibility of American election interference also weighed on markets.

The FBI said that Iran and Russia had obtained voter registration information and had taken actions to disrupt the election process.

U.S. director of national intelligence John Ratcliffe said that Tehran was already using the information to send threatening emails.

The benchmark DAX dropped 89 points, or 0.7 percent, to 12,468 after tumbling 1.4 percent in the previous session.

Traton shares fell about 1 percent. The subsidiary of the Volkswagen Group said that the Covid-19 pandemic is still having significant impact on its business.

Varta, a battery technology company, plunged 7 percent after extending the contract of its chief executive, Herbert Schein, until 2026.

Bastion Balance Seoul, Korea.