DAX Extends Declines As Banks Drag
(RTTNews) - German stocks were moving lower on Monday, as banks extended declines amid concerns around the fallout from the Silicon Valley Bank (SVB) collapse.
The benchmark DAX was down 58 points, or 0.4 percent, at 15,369 after losing 1.3 percent on Friday.
Commerzbank fell 2.6 percent and Deutsche Bank dropped 1 percent amid increased concerns over the health of the U.S. banking sector and fears of contagion.
SAP declined 1.1 percent. The software group has agreed to sell all of its 423 million shares of Qualtrics International Inc. as part of the acquisition of Qualtrics by funds affiliated with Silver Lake as well as Canada Pension Plan Investment Board.
The dollar slipped lower in early European trade after bond yields have fallen in response to the SVB news.
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