DAX Shows No Reaction To German GDP Report
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.