DAX Shows Significant Losses
European stocks fell significantly today, led by Italian markets which are sharply lower. The German DAX stock index is trading at 12.275 level, having lost 1.31%. European equity markets are pressured by news about Italian budget plan.
The Italian government reached its target on Thursday, so that the budget deficit was 2.4% of the gross domestic product in 2019-2021. The markets were hoping that Italy’s budget deficit would be around 2%.
German unemployment declined significantly in September. The official data showed, that the number of unemployed decreased by 23k compared to the previous month to 2.3 million in September. Economists predicted a moderate decline of 9k. The unemployment rate fell to 5.1%in September, while it was expected that it would remain unchanged at 5.2%. The unemployment rate was the lowest since the reunification of Germany in 1990.