DAX Shows No Reaction To German GDP Report

Forex News

The German DAX stock index remains stable, despite busy economic calendar in the Eurozone and Germany. The DAX has received 0.10% today, and is trading at 12.991 level. Markets are also focused on US retail sales report.

German ZEW Economic Sentiment was stable at the level of -8.2 points in May, the lowest since the end of 2012. Analysts had expected the index to improve slightly to -8.0 points. A level above 0.0 indicates optimism, a level below 0.0 indicates pessimism. The Current Conditions Index fell to 87.4 from 87.9 in April, but still better than expectations for a reading of 86.2.

Economic growth in Germany slows in Q1, with gross domestic product growing by 0.3% compared to the previous quarter. Data from the Federal Statistics Office noted that the rise in the first quarter of 2018 represented the 15th quarter of growth in a row. Analysts had predicted that the economy would grow by 0.4% in the first three months of 2018. On annual basis, the German economy expanded by 2.3% in the first quarter, below the forecast of 2.4% growth.

Eurozone GDP grew by 0.4% in the first quarter. On annual basis, the Eurozone economy increased by 2.5% in the three months to March, in line with the preliminary estimate. That was down from 2.7% annual growth in the fourth quarter of 2017.