DAX Index Decreased After Weak German PPI
Germany's DAX stock index fell 0.28% today and is trading at 13.177.50. The growth of the producer price index in Germany fell to 2.5% yoy in November from 2.7% in October. This is the lowest rate since July 2017, when prices rose by 2.3%, and also weaker than the expected growth of 2.6%. On a monthly basis, German producer prices fell to 0.1% in November from 0.3% in October. Eurozone Current Account Surplus fell to 30.8 billion euros in October from 39.2 billion euros in September.
The US economy continued to grow in 2017. Tomorrow the US will publish data on the final GDP. It is expected, that the figure will be 3.3%. The Federal Reserve completed 2017 with a quarter point increase. Strong economic performance, and the accelerated rate of rate growth serves as support for the US dollar against the euro and other major currencies.
Donald Trump’s bill on tax reform was adopted in the US House of Representatives yesterday. This marks the first revision of the US tax code for 30 years and reduces corporate taxes from 35% to 21%.