DAX Ends The Week Steadily
European stocks were higher today. The German DAX stock index was up 0.14% and traded at 12.510 level. German wholesale price index (WPI), published by the statistical agency Destatis, and estimating the volume of sales by German wholesale companies, rose by 0.5% in June, slightly slower than 0.8% in the previous month. On an annualized basis, wholesale prices increased by 3.4% in June after growing by 2.9% in May.
Market focus is largely attuned to the next potential steps of the US-China trade conflict. The US slapped import tariffs of 25% on $34 billion worth of Chinese products on July 6, prompting Beijing to propose retaliatory measures. Earlier this week, Trump’s administration stated about additional tariffs on the Chinese imports, worth $200 billion.
The account of the ECB’s June Governing Council meeting did not add a lot of new information compared to the press conference following the policy decisions. The politicians agreed that there was a need for retaining ample monetary policy stimulus to support inflation in the Eurozone. The Bank also signaled that the interest rates will remain at their present levels through the summer of 2019.