The German DAX share index suffered its biggest daily drop since the September 11 2001 attacks, as markets reacted to growing concerns about the coronavirus and plummeting oil prices.
Footage from the Frankfurt Stock Exchange shows traders watching the DAX's losses mount; it eventually closed 7.94 percent down.
«That was the first time ever that, almost a 1,000 points minus in the DAX because of... Еще this very specific situation with the coronavirus on one hand. On the other hand, the price war about the oil which came additionally into the market as well and made the investors very, very nervous,» explained Oliver Roth, a trader at Oddo Seydler Bank AG.
Roth added however that he was «quite confident that we will see some reaction from the central banks» later in the week.
Oil prices suffered their biggest one day drop, by close of markets on Monday, since the 1991 Gulf War after Saudi Arabia aggressively cut export prices and boosted production after failing to reach an agreement with Russia on production cuts at last week's Vienna OPEC+ meeting.
Two people have died from the coronavirus in Germany, with over 1,000 confirmed cases throughout the country, with over 500 reported in North-Rhine Westphalia and over 200 in Bavaria.