DAX Falls Amid Weak Manufacturing Data
The German DAX stock index has lost another 0.21% to trade at 11.930 level. The DAX has also recorded a 3.5% fall this week. The US will release employment data today. The unemployment rate is expected to have fallen back to an 18-year low of 3.8%. Average hourly earnings are forecast increasing 0.2% mom and 2.7% yoy in August. Nonfarm payrolls (NFP) probably rose by 191.000 jobs last month after gaining 157.000 in July.
German manufacturing data has been unexpectedly weak. Germany’s industrial output dropped by 1.1% in July, below the forecast for a 0.2% rise. Exports fell by 0.9% mom in July, reversing June's 0.1% rise. This was the first fall in three months. The indicator was expected to climb 0.3%. On a yearly basis, exports advanced 7.6%.
German imports surged by 2.8% (the strongest rise in almost four years). On annual basis, imports climbed 12% in July. Germany's seasonally adjusted trade surplus narrowed to 15.8 billion euros ($18.39 billion) from 19.3 billion in June.
The Eurozone economy increased by 0.4% quarter-on-quarter in Q2, as expected. On annual basis, the Eurozone GDP grew by 2.1%, lower than a 2.2% growth forecast.