Feb. 10 (Bloomberg) -- German stocks dropped the most in six weeks after euro-area finance ministers held back further financial aid for Greece and the leader of one of the country’s political parties said he won’t vote for the austerity plan.
Commerzbank AG dropped 5.2 percent and Deutsche Bank AG lost 4 percent after euro-region finance ministers delayed the Greek loan package. ThyssenKrupp AG declined 3.9 percent after Nomura Holdings Inc. downgraded Europe’s steel industry. Deutsche Lufthansa AG decreased 3 percent.
The DAX Index lost 1.4 percent to 6,692.96 at the close in Frankfurt for the biggest drop since Dec. 28. The DAX declined 1.1 percent this week. The broader HDAX Index fell 1.3 percent, slipping for the fourth day in five.
“It is maybe a little bit of disappointment in the sector that the Greek package has not been signed yesterday,” Neil Smith, analyst at West LB AG in Dusseldorf said.
Greece has missed its debt-cutting targets, German Finance Minister Wolfgang Schaeuble told lawmakers today, intensifying pressure on Greek politicians to deliver on austerity promises.
Greece must pass its latest package of cuts into law and identify 325 million euros ($429 million) in spending reductions before the euro area will endorse a second bailout, Luxembourg’s Prime Minister Jean-Claude Juncker said. Laos Party leader George Karatzaferis said that the austerity package humiliated Greece.
Commerzbank dropped 5.2 percent to 2.06 euros and Deutsche Bank fell 4 percent to 33.47 euros, as a gauge of European lenders contributed the most to the Stoxx Europe 600 Index’s slide today. Germany’s second-largest lender, which surged 40 percent in January, dropped as much as 10 percent to 1.95 euros earlier today.
ThyssenKrupp sank 3.9 percent to 21.97 euros, after the European steel sector was cut to “neutral” at Nomura after a 32 percent rally since its low in November.
Lufthansa fell 3 percent to 10.72 euros, after Equinet Bank AG cut the airline to “hold” from “accumulate.” Deutsche Lufthansa said yesterday that the number of passengers rose 4 percent to 5.05 million in January.
Rhoen-Klinikum AG dropped 3 percent to 14.80 euros after dpa-AFX reported that the company has held talks to privatize eight hospitals with a total of 3,900 beds, citing Chief Financial Officer Erik Hamann.
--With assistance from Corinne Gretler in Zurich. Editors: Alan Soughley, Will Hadfield
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