DAX Shows No Reaction to Strong Services PMIs
European shares were slightly lower today, amid increased tension between the US and China over pending trade tariffs and investment restrictions. The German DAX stock index fell by 0.08% and traded at 12.339 level. Last week, the DAX has lost 1.5% amid increased fears of the global trade war and political instability in Germany.
Eurozone and German services PMIs exceeded the forecasts. Eurozone services PMI rose to a four-month high of 55.2 in June from 53.8 in May. German final services Purchasing Managers' Index (PMI) rose to 54.5 from 52.1 in May, which was a 20-month low.
The markets are focused on the ongoing trade conflict between the US and China, and investors are concerned that the dispute may soon disrupt a rare period of synchronous global growth. At the end of the week, Washington intends to introduce tariffs for goods from Beijing worth $34 billion. After that, it is expected that China will respond with its tariffs on US products.