DAX Slumps Amid Energy Woes; Utilities Drag
(RTTNews) - German stocks plummeted on Monday as Russia extended a halt on gas flows on a major pipeline to Europe, sparking further fears of energy rationing in the region as winter approaches.
Investors were also reacting to data showing that Germany's services sector activity contracted for a second month running in August due to record inflation and wavering confidence.
The upcoming ECB meeting remained in focus, where a landmark decision is expected.
The benchmark DAX was down 378 points, or 2.9 percent, at 12,672 after climbing 3.3 percent in the previous session.
Volkswagen fell 2.6 percent. The automaker said that its management and supervisory boards will meet on 5 September 2022 to discuss whether a potential initial public offering of sports car brand Porsche should go ahead in late September or early October 2022.
Utilities plunged, with Uniper tumbling 11 percent, RWE losing 2.6 percent and E. ON declining 2 percent.
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