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DAX Tumbles As Risk Appetite Wanes

German shares fell sharply on Wednesday as weak base metal prices, worries over a possible U.S. government shutdown and U.S. President Donald Trump's comments that he plan to transfer his country's embassy to Jerusalem dented risk appetite and fueled demand for safe-haven assets.

The benchmark DAX was down 100 points or 0.77 percent at 12,947 in late opening deals after closing 0.1 percent lower the previous day.

Furniture retailer Steinhoff plunged almost 60 percent after its CEO Markus Jooste resigned with immediate effect on allegations of irregularities in the company's accounts that require further investigation.

Thyssenkrupp lost 1 percent after its labor union gave the company until December 22 to agree to demands.

In economic releases, German factory orders climbed 0.5 percent month-on-month in October, following a revised 1.2 percent rise in September, figures from Destatis revealed. Orders were forecast to fall 0.2 percent.

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