Germany's declining Dax in correction territory

dax correction germany stocks chart
The Dax 30 index has dropped by 10% since hitting an all-time closing high on April 10.

The Dax 30 was among the best performing indexes in the world earlier this year. Now it's come back down to earth.

The German index has dropped by 10% since hitting an all-time closing high on April 10. That 10% drop means it has technically entered correction territory.

The market has pulled back as positive trading sentiment has dissipated and the euro has staged a comeback.

Many had been predicting that a correction was overdue after the Dax rose by 26% between Jan. 1 to April 10.

The drop may also be based on continued concerns that Greece may default on its loans and be forced to exit the eurozone, which would have a range of damaging repercussions in Germany since it is a big lender to the nation.

Related: The 3 sticking points holding back a Greek deal

Meanwhile, other global stock markets are still posting stunning gains.

The China Shenzhen index has surged by 112% since the start of the year. The Shanghai Composite is up by 59% since the start of 2015, and the Hang Seng in Hong Kong is up 16% over the same period.

This performance outshines U.S. markets, where the Dow Jones industrial average is barely in positive territory this year and the S&P 500 is up just 1.7% in the same period.

However, the Nasdaq has managed to hold onto record-setting gains and currently boasts a 7% rise since the start of the year.

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