European Stocks Under Pressure, DAX Loses 0.62%
European stock indices fell today, as investors were waiting for a key report on US jobs. The German DAX stock index fell by 0.62% and traded at 12.168 level. Earlier today, the DAX dropped to its lowest level since mid-September.
Rising US treasury bonds continue to weigh on global equity markets. Yesterday, US 10-year treasury yields hit 3.23%, the highest yield since May 2011. Eurozone bond yields have also risen, putting pressure on European stock markets.
Producer price index (PPI) in Germany rose at the fastest pace in 11 months in August. The monthly rise in producer prices accelerated to 0.3% in August from 0.2% in July. It was expected that the rate would remain unchanged at 0.2%. On an annual basis, German PPI rose 3.1% in August, after a 2.9% increase in July.
German industrial orders increased by 2% mom In August, compared with a decline of 0.9% in the previous month. Economists had forecast a growth rate of 0.5%. On an annualized basis, production orders fell by 2.1% in August after a less significant decrease of 0.8% in July. Economists had predicted a more significant decline in the index by 3%.