Bear sentiment is spreading on the Frankfurt stock exchange
Photo: Boris Roessler / dpa
The ever-increasing numbers of corona infections are increasingly unsettling investors on Europe's stock exchanges.
After its significant price losses on Monday, the Frankfurt leading index Dax initially continued to decline on Tuesday morning - and at times only traded at a good 12,075 points.
This was the lowest level in four months.
The European Euro Stoxx 50 index initially fell near its five-month lows.
After that, prices recovered somewhat.
Shortly after 12 noon, the Dax stood at 12,157 points, which was a minus of 0.2 percent compared to Monday evening.
In mid-October, the index was still over 13,000 points.
"The ability to reduce the pace of the increase in the number of infections with the measures that have already been taken is increasingly being called into question on the stock market," said analyst Jochen Stanzl from the trading company CMC Markets.
On Monday the index had lost 3.7 percent.
Dax temporarily falls below the 200-day line
"The first bargain hunters are now stepping on the floor, but so far there have been very few," said portfolio manager Thomas Altmann from the investment house QC Partners.
There is currently a clear overhang of bad news to which investors reacted more strongly than they did recently.
The US election, Brexit and the corona pandemic are "an extremely toxic cocktail of uncertainty," said Altmann.
At times, the Dax even fell below its 200-day average on Tuesday morning.
Many investors interpret a sustained fall below this mark as a sell signal.
On Monday, the price slump in the index heavyweight SAP in particular pulled the Dax down.
The software company had reported a disappointing business outlook.
For the SAP share, things initially went up a little on Tuesday: The group announced that supervisory board chairman Hasso Plattner had stocked up on the papers for around 250 million euros.
The biggest loser in the Dax until noon was paper from engine manufacturer MTU Aero Engines, with a loss of almost three percent.
Icon: The mirror
clh / Reuters / dpa-AFX