German shares down in midday deals, dragged lower by financial stocks

FRANKFURT (Thomson Financial) - German shares were lower in midday trading after U.S. markets closed lower on Monday and as heightened concern about the financial crisis weighed on banking stocks. At 11:51 a.m., the DAX was down 86.40 euros, or 1.34 percent, at 6,346.48, having traded between 6,330.23 and 6,401.21. The MDAX, meanwhile, slid 79.42 euros, or 0.95 percent, to 8,318.06, and the TecDAX lost 0.86 euros, or 0.11 percent, to 798.61 DAX futures retreated 37.00 euros, or 0.58 percent, to 6,370.00, while bund futures added 0.21 euros, or 0.18 percent, to 114.66. The euro traded at $1.4662, compared with $1.4650 in London morning trade. Investors are not getting anxiously awaited data that an end to the year-long crisis of banks and securities firms is in sight, traders said. Banking stocks also came under pressure after... [read full story]