The covid-19 crisis exposes the frailties of Germany's biggest firms

THE DAX INDEX of Germany's 30 most valuable listed companies holds up a mirror to the world's fourth-biggest economy. The reflection isn't pretty. In mid-March the average "price-to-book" ratio of DAX firms' market capitalisation to the book value of their assets fell below one, which has previously only happened in 2009 and 2011, amid the global financial crisis and the euro crisis, respectively. It is now hovering barely above one. The pandemic has hit all of the world's big stockmarkets. But ...