DAX Falls Despite Improvement of German Gfk Consumer Confidence

Forex News

European stock markets are under pressure, after the Italian government announced a delay of the country’s budget. The German DAX stock index fell slightly before the release of the German inflation data. The DAX is trading at 12.359 level, having lost 0.23% on the day.

The mood among German shoppers improved slightly heading into October, suggesting that consumers will keep supporting the growth of Europe’s largest economy. The Nuremberg-based GfK institute said its consumer sentiment index rose to 10.6 points going into October from 10.5 points the previous month. That compared with the forecast for the index to stay unchanged at 10.5 points.

GfK’s subindex measuring propensity to buy fell 2.3 points to 52.9. The income expectations index rose 5.3 points on the month to 57.9, the highest in a year, propelled by a stable job market and strong demand for workers. The sub-index measuring economic expectations rose 4.9 points to 27.1.

Germany releases Preliminary CPI data today. The German CPI figures are expected to tick higher to 0.1% mom and to 2.0% yoy in September.