DAX Trading Lower Awaiting EU-US Meeting
The German DAX stock index shows significant losses today. The DAX fell by 0.50% to trade at 12.627 level. Today, European Commission President Jean-Claude Juncker meets with President Trump at the White House.
In June, the US President threatened a 20% tariff on imported cars from the European Union. Last week, the EU’s Trade Commissioner Cecilia Malmstrom said that if the US imposed these levies, it would be “very unfortunate.” In addition, the commissioner announced that the EU was preparing its own list of counter-measures. If the sides can make progress on car tariffs, automaker shares could jump and boost the DAX.
German business confidence dipped in July, suggesting a slew of risks, including the threat of US tariffs on cars and car parts, is starting to unsettle company executives in Europe's largest economy. The Ifo economic institute said its business climate index fell to 101.7 from 101.8 in June. Economists had expected a reading of 101.5.