An exchange traded fund indexed to German stocks was off 2% before the opening bell Thursday with investors concerned over the European debt crisis and soft economic data from Germany.

Germany’s economy is slowing after a strong recovery, raising fears that Europe’s economic powerhouse isn’t immune to the soft patch in the global economy, The Wall Street Journal reported Thursday.

Service-sector activity increased at its weakest rate since early 2010, according to data released this week, the report said. “I don’t think Germany can be completely immune to the slowdown we are seeing, say in Southern Europe, and that is worrying,” said Nomura economist Jens Sondergaard, according to the WSJ report.

The iShares MSCI Germany (NYSEArca: EWG) fell 2.1% in premarket action Thursday.

The DAX Index, a benchmark of German stocks, is down 12% from this year’s peak, Bloomberg reported.

iShares MSCI Germany

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