FX.co ★ DAX Extends Losses On Economic Worries

German stocks experienced a significant drop on Monday, continuing the decline from the previous session amid escalating global market turmoil, fueled by fears of a potential U.S. recession.

The investor sentiment remained fragile, influenced by underwhelming data from the service sector and escalating tensions in the Middle East.

A recent survey highlighted that growth in Germany's services sector decelerated for the second month in a row in July.

The DAX index fell by 408 points, or 2.3 percent, settling at 17,253, following a 2.3 percent decline on Friday.

Financial institutions Commerzbank and Deutsche Bank saw their shares fall by 3-4 percent, while automakers BMW, Mercedes-Benz, and Volkswagen experienced a 2-3 percent decrease.

Conversely, Infineon Technologies rose approximately 2 percent following reports indicating that Nvidia is postponing its next-generation artificial intelligence chips by at least three months.

Aurubis suffered a significant 6.2 percent drop after the copper producer announced third-quarter earnings before tax (EBT) that fell short of projections.