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DAX Slides After A Surge In Virus Cases

German stocks declined on Thursday as a surge in new coronavirus cases in China spurred fresh concerns about global growth.

Some 242 deaths from the new coronavirus were recorded in the Chinese province of Hubei on Wednesday - the bulk of it due to a reclassification.

There was also a huge increase in the number of cases, with 14,840 people diagnosed with the virus.

The benchmark DAX dropped 72 points, or 0.52 percent, to 13,677 after climbing 0.9 percent the previous day.

Industrial and technology group ThyssenKrupp rallied 2 percent. After reporting a first-quarter loss, the company said it expects to make a decision on its elevator sale soon.

Copper producer Aurubis AG slumped 4.3 percent after reporting a fall in Q1 operating profit.

Commerzbank shares surged 4.6 percent. The bank proposed further cost-cutting measures after posting a net loss for the final quarter of 2019.

RIB Software shares soared 42 percent after French energy management firm Schneider Electric SA announced its intention to launch a voluntary public tender offer to acquire the company for 29 euros per share.

Engineering group Bilfinger rose over 2 percent after it turned out a profit of 15 million euros for the fourth quarter, compared to last year's loss of 11 million euros.

Metro AG tumbled 3.3 percent after its first-quarter profit from continuing operations attributable to shareholders declined to 121 million euros from 172 million euros, a year ago.

In economic releases, Germany's consumer price inflation hit a six-month high at the start of the year, driven by a jump in energy prices, final figures from Destatis showed.

The consumer price index rose 1.7 percent year-on-year following a 1.5 percent increase in December. The flash estimates of all inflation figures for January were confirmed. The latest inflation rate was the highest since July, when it was at 1.7 percent.

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