DAX Drops On Covid-19 Vaccine Uncertainty

(RTTNews) – German stocks fell in cautious trade on Tuesday as a second wave of coronavirus cases in Europe prompted new restrictions in Britain and an advanced stage study of Johnson & Johnson’s Covid-19 vaccine candidate was put on hold due to an unexplained illness in a study participant.

The benchmark DAX dropped 24 points, or 0.2 percent, to 13,114 after gaining 0.7 percent the previous day.

Gerresheimer, a global partner to the pharma and healthcare industry, slumped 5 percent.

Pharma firm MorphoSYS plunged 10 percent after announcing a €325m bond offering.

Travel stocks were moving lower, with airline Lufthansa falling over 1 percent.

Lender Commerzbank fell about 2 percent while Deutsche Bank was modestly lower.

Evotec shares rallied 3 percent. Mubadala Investment Company, a sovereign investor, said it will invest 200 million euros to subscribe for about 5.6 percent of outstanding Evotec shares.

In economic releases, German consumer prices declined in September, as initially estimated, final data from Destatis showed.

The consumer price index declined 0.2 percent yearly in September, after remaining unchanged in August, as estimated earlier. Prices fell for the second time since the beginning of the year.

The latest decline in prices was the biggest since January 2015, when they fell 0.3 percent.

This post was originally published on this site