1/24, 3:10 PM (Source: TeleTrader)
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DAX tumbles 3% after pessimistic data

Shares across Europe tumbled further on Monday, with the German DAX benchmark plunging 3% after a streak of downbeat data.

Both Eurozone's and the United Kingdom's business activity reports revealed an 11-month low reading in January. On the inflation front, Bundesbank forecasted that inflation "is likely to remain extraordinarily high" in the current year's opening months.

The German 40-unit index was down 3.05%, or 465 points at 3:10 pm CET, while the CAC 40 in France plummeted 2.99% a minute later. At the same time, in London, the FTSE 100 was down by 1.8%. The euro and the pound dived compared to the dollar, losing 0.4% and 0.6% at 3:15 pm CET, and selling for 1.12949 and 1.34726, respectively.

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