The DAX Index Surged Awaiting ECB Protocol
DAX increased 0.50% to trade at 12,355. Eurozone Industrial Production dropped -0.8%. Today, the European Central Bank will publish the protocol of its recent meeting. Tomorrow, we’ll get German Final Consumer Price Index.
Yesterday, German and French stocks have broadly softened. DAX declined 1.00% to 12,277 pts. The CAC index is down 0.72%. Such volatility was caused by continuous political turmoil. The news came out today, suggesting that Syrian forces allegedly used chemical weapons against rebel positions last week. The United Nations Security Council meeting didn’t reached the consensus as Russia put a veto on a US offer to investigate the attack. Donald Trump claimed that the US is ready to react. Russia fired back with a similar response.
FOMC protocol showed that members’ view about the economy and rate path hasn’t changed. Fed fund futures are still pricing in more than 95% odds of a June hike. Inflation was projected to pick up in the near term. Overall economic outlook has improved. Some issues, like trade tension with China, were mentioned as well.