The DAX Index Fell Below 13.000 Level
Germany's DAX stock index fell by 0.84% today and is trading at 12.939.50. Shares of Commerzbank and Deutsche Bank lost 1.82% and 1.60% respectively. Technological stocks also decreased, led by Infineon Technologies, which declined by 1.28% per day. The DAX index fell, despite Germany's positive economic data.
The growth of factory orders in Germany was 0.5% in October, which was lower than the previous value of +1.2%. However, the change in orders was much better than the forecast of economists, who expected a decline of 0.3%.
The Eurozone economy continued to improve in 2017, supported by sustained growth and low unemployment. The ECB forecasts Eurozone GDP at 2.2% and inflation at 1.2% in 2017. Nevertheless, the ECB said it remains concerned about increased risk-taking behavior in global financial markets as this could lead to sharp asset price corrections.