Maybe someone in Germany could verify this:
On the German markets yesterday (i.e. Tuesday/Dienstag) 842,500 shares traded on Stuttgart, including 500k on the opening, which pulled the price down. A further 500,000 traded on Munich of which 300k were near the end of the trading day, and just 24,000 traded on Berlin. If I read this correctly, that was 1,366,500 in total.
Today in the USA was also a heavy trading day with two blocks of note: 295,000 and 207,000 and a total of 2.3 million. Granted the volume is a mere trifling of the 400+ million share outstanding, but in 24 hours trading amounted to about 0.75%.
Can anyone produce a graph showing total German daily volume and total US daily volume over say 1 year, day by day as two lines? It would need to be with euros converted to dollar at each day's prevailing rate to make any sense. The analysis would try to show whether the US price drops in concert with the preceding German price, or vice versa - i.e. which market is driving price changes.