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DAX Tumbles On Turkey Concerns

German stocks plunged on Friday as a fresh turmoil in Turkey as well as renewed fears of a trade war between the U.S. and China sapped investors' appetite for risk.

The benchmark DAX was down 195 points or 1.54 percent at 12,481 in opening deals after rising 0.3 percent in the previous session.

Banks led the downtrend, with Commerzbank down 2.3 percent and Deutsche Bank losing 3.5 percent after the European Bank reportedly expressed concerns over the impact of a weak Turkish lira on European banks.

The lira tumbled more than 14 percent in early trade to hit a new low amid a deepening rift with the United States and intensifying worries about the state of the economy.

Energy group Innogy dropped almost 1 percent on reporting a 10 percent fall in first-half operating profit. RWE shed 0.7 percent and E.ON gave up 1.5 percent.

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