The DAX is trading at 9432, down 0.75%, as additional pockets of Ukraine are engaging in pro-Russian demonstrations. This has plunged German equities into the red for a second day. Even though Ukraine is not a member of the EU, many European Union countries like Germany depend heavily on natural gas from Russia. If the situation escalates between Russia and the west, there is a fear that Moscow will reduce supply.
Südzucker, the largest sugar producer in Germany, revealed a 2% decline in its revenue and a 32% drop in operating profit. The stock is currently trading at €16.55, down 18% on the day.
As Alastair McCaig stated, the DAX enjoyed a three week bull-run which came to an end yesterday. Profit-taking and the crisis in Crimea encouraged traders to get out of German stocks.
As Brenda Kelly pointed out, the DAX bounced off the 9450 level yesterday and this will remain an important level if the index wants to pull its losses back. If fears over Crimea persist, we could move below the psychological level of 9400.