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DAX Tumbles On Virus Worries

German stocks fell sharply on Tuesday amid concerns over surging coronavirus cases around the world, with some scientists telling the New York Times there was evidence the virus could be spread by tiny particles in the air.

The benchmark DAX dropped 180 points, or 1.42 percent, to 12,552 after rising 1.6 percent the previous day.

Banks traded mixed after posting strong gains in the previous session. Commerzbank rose 0.7 percent while Deutsche Bank declined 1.3 percent.

Deutsche Bank has formed a strategic partnership with Google Cloud which will enable the German lender to accelerate its cloud transition.

HeidelbergCement lost about 1 percent. The building materials company said that it will record a 3.4 billion euros of asset impairment in the second quarter, due to Brexit and the impact of the coronavirus pandemic on its business.

In economic news, German industrial production recovered in May, helped by an easing of lockdown measures, Destatis reported.

Industrial output grew 7.8 percent on a monthly basis in May, in contrast to a revised 17.5 percent fall in April. Production was forecast to grow 10 percent in May.

On a yearly basis, industrial production declined 19.3 percent versus a revised 25 percent decrease in April.

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