(RTTNews) – German stocks sold off on Tuesday after the World Health Organization (WHO) advised caution in lifting coronavirus lockdowns and U.S. President Donald Trump said he is suspending immigration to the United States in response to the coronavirus pandemic and the “need to protect jobs.”
Closer home, Chancellor Angela Merkel, who reopened smaller shops on Monday, urged caution and discipline to avoid increasing transmission levels again.
The benchmark DAX fell over 2 percent to 10,448 in early trade after gaining about half a percent in the previous session.
SAP shares declined 2.4 percent. The software major reported a profit in its first quarter, compared to last year’s loss with good growth in revenues.
The company also maintained its fiscal 2020 outlook and announced the departure of Co-CEO Jennifer Morgan in April end, as the firm simplifies its leadership structure amid the coronavirus pandemic.
Daimler tumbled 3.5 percent. With a view to introducing a carbon-neutral transport in Europe, Daimler Truck AG and Volvo Group have agreed to set up a 50-50 joint venture, that will make and market fuel cell systems for heavy-duty vehicle applications.
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