DAX Down Sharply As Trade Concerns, Middle East Tensions Hurt Sentiment

(RTTNews) - German stocks are notably lower on Thursday, weighed down by trade tensions and escalating tensions in the Middle East.

Amid a lack of specifics in the much talked about framework agreement, it is feared that the U.S.-China trade tensions may not subside any significantly for now.

Meanwhile, U.S. President Donald Trump expressed diminished confidence in reaching a nuclear deal with Iran, emphasizing that Iran must not acquire nuclear weapons.

There is more negative news on the geopolitical front, with the U.S. initiating a partial evacuation of its embassy in Iraq and authorizing voluntary departures from Bahrain and Kuwait, citing heightened security concerns.

The benchmark DAX was down 300.79 points or 1.25% at 23,675.32 a few minutes ago.

Vonovia is down 2.3%. MTU Aero Engines is down nearly 2%, while Rheinmetall, Hannover Rueck, Sartorius, Mercedes-Benz, Allianz, Siemens Energy and Deutsche Bank are lower by 1.5 to 1.8%.

BMW, Deutsche Telekom, Porsche Automobil Holding, Daimler Truck Holding, Adidas, Volkswagen, Siemens and Munich RE are also notably lower.

Continental is gaining nearly 1%. Fresenius Medical Care, E.ON and Fresenius are up with modest gains.