DAX Rises Despite Weak German Retail Sales Report
European stocks rose today. The German DAX stock index is trading at 11.436 level, having gained 0.17% on the day. The bounce on Wall Street pushed stock markets higher, as US shares rebounded after a series of major losses in October.
Growth in German retail sales was less than expected in September. Retail sales increased by 0.1% in September, after a decline of -0.3% in August. Economists had forecast an increase of 0.5%. On an annualized basis, retail sales fell by -2.6% in September after rising 1.5% earlier, while economists had expected a growth rate of 0.9%. The decline in September was the first in four months.
Today's data also showed, that the Eurozone CPI Flash Estimate and Core CPI Flash Estimate both edged higher in October, with readings of 2.2% and 1.1%, respectively. The Eurozone unemployment rate remained unchanged at 8.1% in September, matching the forecast.