DAX and Euro Stoxx 50 Plummet as Tech Sell-off Continues
The German stock market is feeling the influence of the tech-heavy US exchange Nasdaq today, with the DAX down 0.8 percent to 18,244 points. The Euro Stoxx 50 has also taken a hit, dropping over 1.3 percent to 4,797 points. The mood in the German economy has further deteriorated in July, according to the latest Ifo data.
Two prominent stocks in the DAX, Infineon and Rheinmetall, are among the worst performers today. Infineon's shares have plummeted by 5.3 percent, while Rheinmetall's have fallen by 4.6 percent. The decline in Infineon's stock can be attributed to STMicroelectronics lowering its annual targets, which has had a ripple effect on the market.
Infineon's top management includes Jochen Hanebeck, who took over as CEO in April 2022, and Dr. Sven Schneider, who has served as CFO since 2019. No specific top executives were identified for Rheinmetall in the provided search results.
The German stock market continues to feel the impact of global tech market fluctuations, with the DAX and Euro Stoxx 50 both closing lower today. The further deterioration of the Ifo business climate index in July suggests that the mood in the German economy remains uncertain.
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