DAX Down Sharply As Stocks Tumble On Geopolitical Concerns

(RTTNews) - Germany's equity index DAX tumbled on Monday with stocks from across several sectors declining sharply on selling pressure amid rising tensions between the U.S. and Europe over Greenland.

Trump today doubled down on his plan to acquire Greenland, saying NATO had warned Denmark for years about the "Russian threat" to Greenland and claimed Copenhagen had failed to act.

"Now it is time, and it will be done!!!" Trump wrote in a post on his Truth Social platform ahead of this week's World Economic Forum Annual Meeting in Davos.

The U.S. President's announcement of a 10% tariff on several EU countries from next month, which raises the tariff on all imports to US to 25%, and reports that EU is consideriang retaliatory move against the U.S. weighed on stocks.

The EU is reported to be considering tariffs of 93 billion euros of US goods or restricting US firms' access to its internal market.

The DAX was down 302.97 points or 1.2% at 24,973.31 a little while ago.

Shares from automobile and technology sectors were among the worst hit. Defense stocks gained in strength.

BMW slid 4.4%, Porsche Automobil Holding drifted down 3.6%, Mercedes-Benz lost about 3.4%, Volkswagen slipped 3.1% and Daimler Truck Holding lost 2.5%.

Siemens Healthineers, Commerzbank, Adidas, Deutsche Bank, Infineon Technologies, SAP, Qiagen and Deutsche Post were among the other major losers.

Bayer climbed more than 6% after the US Supreme Court agreed to review the 'Durnell' glyphosate case". The court agreed Friday to review Bayer's challenge to a $1.25 million Missouri jury verdict over claims the German company failed to warn that Roundup could cause cancer.

Rheinmetall advanced nearly 3%, while Deutsche Telekom, E.ON and Hannover Rueck posted modest gains.