BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks nosedived on Monday to plunge into bear market territory as the Italian government extended a coronavirus quarantine to cover a quarter of its population, raising fears the lockdown could push the country into recession. A 30 percent plunge in oil prices also dented sentiment.
The benchmark DAX was down as much as 642 points, or 5.49 percent, at 10,907 after plummeting 3.4 percent on Friday.
Deutsche Bank shares slumped 10 percent and Commerzbank tumbled 8.5 percent as yields on German 10-year government bonds plunged to a historic low.
Nordex Group declined 7.5 percent after its 2019 results missed estimates.
In economic releases, German industrial production rebounded at a faster than expected pace in January, data from Destatis revealed.
Industrial production grew 3 percent on a monthly basis, reversing a 2.2 percent drop in December. Production was forecast to grow moderately by 1.7 percent.
Another report showed that German exports remained unchanged in January, while imports recovered after falling for two straight months.
Exports remained flat in January from December, when shipments were up 0.2 percent. Imports grew 0.5 percent, following a 0.3 percent drop in December.
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