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DAX Falls After US Warning

German stocks tumbled on Wednesday after officials warned the coronavirus disease could kill between 100,000 and 240,000 Americans even after adhering to social distancing guidelines.

The death toll from the rapidly spreading coronavirus surged past 4,000 in the United States, surpassing the number of people who died in the 9/11 terror attacks as New York City traded "Ground Zero" for "epicenter."

The benchmark DAX fell 336 points, or 3.38 percent, to 9,600 after rising 1.2 percent in the previous session.

Adidas lost 4 percent. The sportswear maker said it would stop a 1 billion euros share buyback it had planned for this year, because of economic uncertainty caused by the dynamic developments related to the coronavirus outbreak.

Contracting firm Bilfinger plunged as much as 13 percent after suspending its 2020 guidance.

Continental AG gave up 6 percent. The automotive parts manufacturing company said, due to business impacts from COVID-19 Pandemic, it has decided to withdraw the outlook for fiscal 2020.

Over 40 percent of Continental's production locations worldwide have temporarily ceased activities.

In economic releases, Germany's retail sales growth accelerated unexpectedly in February as consumers stockpile essentials ahead of containment measures taken by the government to curb the spread of the coronavirus, data from Destatis revealed.

Retail turnover advanced 1.2 percent month-on-month in February, following January's 1 percent increase. Economists had forecast the sales growth to ease to 0.1 percent.

On a yearly basis, retail sales growth accelerated to 6.4 percent from 2.1 percent a month ago. The rate was also faster than the forecast of 1.5 percent.

Eurozone manufacturing activity contracted at the fastest pace in more than seven years in March as the outbreak of coronavirus, or covid-19 weighed on orders, output, employment and confidence, final data from IHS Markit showed.

The final factory Purchasing Managers' Index fell to 44.5 from 49.2 in February. The reading was also below the flash estimate of 44.8.

The progression of the covid-19 outbreak into a pandemic saw the downturn in Germany's manufacturing sector deepen in March.

The manufacturing PMI came in at 45.4, down from a 13-month high of 48.0 a month ago and below the flash 45.7.

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