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DAX Slips On Growth Concerns

German stocks fell in cautious trade on Monday amid growing concerns over COVID-19 outbreaks and rising inflationary pressures.

The global coronavirus caseload has surpassed 190 million as the second wave continues its onslaught across the world due to the spread of new variants.

The benchmark DAX dropped 185 points, or 1.2 percent, to 15,354 after losing 0.6 percent on Friday.

Travel-stocks succumbed to selling pressure, with airline Lufthansa tumbling 3.2 percent.

RWE AG shares declined 2.7 percent. The utility said its power stations and numerous RWE sites have been affected by the severe floods.

After an initial evaluation, the company estimates damage from the floods up to a mid-double-digit million euro sum.

Consumer electronics retailer Ceconomy AG dropped 0.6 percent. The company said that its third-quarter preliminary total sales grew 7.3 percent to 4.41 billion euros from 4.11 billion euros in the prior year.

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