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DAX Tumbles On Weak Data, Earnings

(RTTNews) - German stocks tumbled on Thursday, with a slew of weak earnings updates and disappointing GDP data weighing on markets.

Germany's economy contracted the most on record in the second quarter amid coronavirus pandemic, data from Destatis revealed today.

Gross domestic product fell 10.1 percent sequentially after shrinking 2 percent in the first quarter. This was the largest decline since the records began in 1970. Economists had forecast a decrease of 9 percent.

There was a massive slump in exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment.

On a yearly basis, GDP declined by calendar-adjusted 11.7 percent in the second quarter versus economists' forecast of 11.3 percent. Price-adjusted GDP also declined 11.7 percent.
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