DAX Falls On Growth Worries

German stocks fell sharply on Thursday as Federal Reserve chair Jerome Powell acknowledged the possibility of a recession and data showed German manufacturers saw business activity slump to its lowest level in 23 months in June.

The flash composite PMI, which tracks the manufacturing and services sectors that together account for more than two-thirds of the German economy, dropped to 51.3 from 53.7 in May.

The benchmark DAX fell 151 points, or 1.2 percent, to 12,993 after tumbling 1.1 percent the previous day.

Siemens Energy shares declined 2 percent. The German energy company and France's Air Liquide have announced a joint venture for the series production of industrial scale renewable hydrogen electrolyzers in Europe.

Real estate group Aroundtown plunged nearly 10 percent after J.P. Morgan downgraded the stock to "underweight".

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