German stocks are getting slammed Friday morning. The DAX is down by more than 2% today, and down more than 10% since Sept. 19.
Th index is now at its lowest in a year, hovering around 8,800.
“Despite closing up last night somehow after a whipsaw day, Europe’s powerhouse economy has given the impression of leading the selloff from the front,” IG’s Will Hedden said in a note.
This follows an absolutely brutal week for German economic data. Factory orders, industrial production and exports all dropped at the fastest pace in five years. Suddenly, it looks like the country could slide back into recession.