DAX Shows Significant Losses

Forex News

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.