DAX Retreats At Open As Cyclicals Drag

German stocks fell on Monday after a government crackdown pushed China stocks to their worst day in a year and a survey showed German business confidence weakened unexpectedly in July.

German business sentiment index fell to 100.8 in July from a revised 101.7 in June, the ifo Institute said. The score was forecast to rise to 102.1 from June's initially estimated value of 101.8.

Rising COVID-19 infections also dented sentiment, with Russia's total virus cases surpassing 6 million and Turkey reporting a tripling of cases on Sunday compared with earlier this month.

The benchmark DAX dropped 91 points, or 0.6 percent, to 15,578 after rallying 1 percent on Friday.

Cyclical stocks were coming under selling pressure, with automakers BMW, Daimler and Volkswagen all falling around 2 percent.

Lender Commerzbank lost 1.5 percent and Deutsche Bank declined 1.2 percent.

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