Germany's DAX index plunged 2.6 per cent to its lowest level in over five years this morning, dragged down by falling financial and technology stocks after Wall Street slumped amid fresh economic gloom.
The DAX fell as much as 2.59 per cent to 3,204.06 with the fall led by Siemens' 3.8 per cent decline and a 2.94 per cent weaker Deutsche Bank.
The DAX decline wiped €11 billion off the market value of Germany's top 30 blue chip firms.