German stocks took a beating on Monday, and the downtrend look set to continue on Tuesday as authorities in the European country confirmed their first case of coronavirus.
Berlin is already considering evacuating its citizens from China and has urged its citizens not to make any “unnecessary trips” to the country.
The DAX 30 index plunged 371.91 points, or 2.7%, to 13,204.77 in Monday trading. The decline pulled the benchmark index into negative territory for the year.
Declines in Germany outpaced the broader European market at the start of the week. The Europe Stoxx 600 Index closed down 2.3% on Monday.
Stock futures are pointing to another brutal drop in Tuesday’s session. The DAX’s March futures contract plunged 353.50 points, or 2.6%, in after-hours trading to settle at 13,211.00.
German health authorities confirmed Monday that a Bavarian man has contracted coronavirus, marking the first such documented case in the country.
In an official statement, the Bavarian Ministry of Health said the man was placed in isolation and is under surveillance. The ministry task force overseeing infections said the risk of contracting the virus remains low.
The translated statement read:
According to the “Task Force Infectiology” of the State Office for Health and Food Safety (LGL), the patient is clinically in good condition.
The Bavarian Ministry of Health and State Office for Health and Food Safety will hold a press conference Tuesday morning to discuss the matter.
Even before the infection was confirmed, German health officials said they were preparing for the arrival of coronavirus. Foreign Minister Heiko Maas also urged German citizens to avoid all unnecessary travel to China.
The virus, which first surfaced in Wuhan last month, has killed 81 people and infected thousands more. In a bid to contain the respiratory virus, China has implemented travel restrictions on tens of millions of people.
With Germany added to the list, coronavirus has been confirmed in 16 countries.
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Last modified: June 24, 2020 1:05 AM UTC