Frankfurt [Germany], April 5: Germany's benchmark DAX index on Friday fell by nearly 5 percent as concerns about the escalation of trade conflicts in the wake of the new U.S. tariffs continue to weigh on German stocks.
The DAX index lost a total of 1,075.67 points, or 4.95 percent and closed at 20,641.72 points on Friday, a continuation of the slump that has been going on for several weeks. Data show that the DAX index has slumped by 11.71 percent since March 18.
German banks and automotive companies were hit hard on Friday. The Deutsche Bank stocks fell by 9.77 percent.
The DAX index started its bullish trend at around 12,000 points in September 2022 and reached a record-breaking 20,000 points on December 3 last year. On March 18, the stock market barometer reached a new high of 23,476.01 points.
U.S. President Donald Trump on Wednesday signed an executive order on so-called "reciprocal tariffs," enacting a 10-percent "minimum baseline tariff" on all imports, with higher rates for certain trading partners, effective on April 5, except for specified exemptions.
Source: Xinhua News Agency
