Frankfurt / Main (dpa) - After the losses on Thursday, investor sentiment on the German stock market continued to deteriorate significantly.
Concern over the economic consequences of the Corona crisis, which had weighed on the long weekend, was accompanied by fears of a renewed conflict between the United States and China. In addition, there were numerous quarterly reports and company outlooks that were weak due to the Corona crisis.
The Dax lost 2.88 percent to 10,548.61 points in early trading on Monday. The MDax fell 3.09 percent to 22,340.42 points. The EuroStoxx 50, the leading index in the euro zone, fell 3.13 percent to 2836.31 points.
Market analyst Milan Cutkovic of AxiTrader commented that it was probably a misjudgment that, given the virus crisis, the trade conflict was only a "relic from the old days". "The fact that both issues can now bring share prices down in combination is a new experience that investors have to experience when they start the new trading month." According to Cutkovic, investors will need "strong nerves in the coming weeks".
With this new escalation in the relationship between the world's two largest economies, the easing of the measures to contain the virus - and with it the hope of a faster economic recovery - has become less important. In addition, there is still fear of a second wave of infection.
The shares of Allianz, which canceled their annual targets on Thursday after the market closed, fell by 2.6 percent in line with the market. Lufthansa also fell in line with the market at minus 2.6 percent. The decision about billions in government aid and its conditions could be made this week.
Wirecard was down 4.6 percent after both HSBC and Morgan Stanley canceled their buy recommendations after the special audit of the balance sheet by KPMG's auditors. However, auto values suffered particularly sharply in view of the flared up conflict between the USA and China. Across Europe, the industry was at the bottom. Daimler held the red lantern in the Dax with minus 6.5 percent.
Mobile operator Freenet cut its dividend for 2019 due to feared refinancing problems in the wake of the Corona crisis. The share then went down 11.5 percent in the mid-size index.
ThyssenKrupp even dropped by almost 17 percent. According to a press report, the ailing steel group will be able to put less than planned into the renovation of the billions from the sale of the elevator division due to the corona crisis.
In the SDax, Klöckner & Co's papers dropped by almost 12 percent. The steel trader doubled its loss in the first quarter compared to the previous year.
