DAX Stays Above 13.000 Level After WPI And PPI Data
Germany's DAX stock index shows limited movement today. The DAX increased by 0.03% and is trading at the level of 13,119. The DAX is currently trading at the highest level since the end of January.
The producer price inflation in Germany unexpectedly accelerated in April, although insignificantly. Destatis data showed that producer price index (PPI) rose to 2.0% in April from 1.9% in March. Meanwhile, it was predicted that this figure will slow down to 1.8%. On a monthly basis, producer prices rose 0.5% from March, when it gained 0.1%. It was expected that prices will rise by 0.3%. Excluding energy, producer prices were 1.6% higher than last year, and it grew by 0.2% compared to the previous month.
Wholesale price inflation in Germany accelerated in April, after it remained stable in the previous month. The Destatis reported that Wholesale Prices Index (WPI) rose by 1.4% yoy in April, which is higher than the growth in March by 1.2%. On a monthly basis, wholesale prices rose by 0.5% from March, when it remained at the same level.
The Eurozone current account surplus narrowed in April, despite a small rise in the trade surplus. The current account surplus narrowed to 32.0 billion, short of the estimate of EUR 35.1 billion. The trade balance surplus rose to EUR 21.1 billion, above the forecast of EUR 20.7 billion. Still, the surplus over the past 12 months increased to 3.6% of the bloc's gross domestic product from 3.5% a year earlier.