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DAX Slumps On Worries Over New Covid Variant

German stocks plunged on Friday amid fears of a new South African Covid-19 variant with numerous mutations to the spike protein.

The newly identified and possibly vaccine-resistant coronavirus variant coupled with a resurgence of Covid-19 cases in Europe added to swirling concerns about future growth and higher interest rates.

The benchmark DAX slumped 560 points, or 3.5 percent, to 15,357 amid selling seen across the board.

Commerzbank plummeted 5 percent and Deutsche Bank lost 6 percent, tracking falls in bond yields.

Infineon Technologies was down 3.7 percent. The semiconductor company announced the appointment of Jochen Hanebeck as the new Chief Executive Officer, effective April 1.

Stay-at-home stocks were in demand, with online food ordering company Delivery Hero rallying 3.5 percent.

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