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DAX drops below 9,000

October 8, 2014

Germany's blue-chip index DAX has again fallen below the psychologically important threshold of 9,000 points. It mirrored dropping stocks around the globe as discouraging economic signals kept pouring in.

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DAX trader
Image: picture-alliance/dpa

Germany's benchmark stock market index DAX on slid below the 9,000-point mark for the third time within two months in trading on Wednesday.

Traders at the Frankfurt Stock Exchange were hopeful that just like on the two other occasions this year, the DAX would recover somewhat later to close above the psychologically and technically relevant level.

The index continued its underperformance from Tuesday after weak industrial output data raised fears among analysts over the health of the eurozone's biggest economy.

Gloom everywhere

And it wasn't just Germany's DAX that took a dive on Wednesday. European stocks generally fell in early trading, with the pan-European FTSEurofirst 300 blue-chip index down by about half a percent as investors moved out of shares in the face of a spate of discouraging economic signals.

Asian and US shares dropped overnight after the International Monetary Fund revised downward its global growth projection for this year.

The latest evidence of economic woes came from China, where service sector growth weakened in September, reinforcing signals of a slowdown in the world's second-largest economy.

hg/sgb (dpa, Reuters)