The threat of a global trade war has created a new headwind for a German stock market full of multinational companies, leaving the benchmark Dax index challenging London’s FTSE 100 as the worst performing major European stock market this year.
Although the Dax, which includes just 30 companies, climbed on Monday, BMW, Volkswagen and Daimler, the German carmakers that have been ensnared in the escalating rhetoric between the US and Europe over tariffs, all ended the day lower.
Fears over protectionism have “hit the entire [Dax] index, quite simply because the overall index is such a global one”, said Maximilian Kunkel, UBS’ chief investment officer for Germany. “[Half] of the Dax has sales exposure outside of Europe.”
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