DAX Significantly Lower Despite Firm German Employment Data
The German DAX stock index has posted losses today. The DAX fell by 0.54% to trade at 11.314 level. Markets expect German CPI data. The headline inflation rate is expected to edge down to 2.4% on-year in November, retreating from the decade high of 2.5% set in the prior month.
Germany has released positive jobs data. Germany's employment level hit a record high in October and the ILO jobless rate eased from the previous month. Data from the Federal Statistical Office showed that the employment grew by 1.2% or 556.000 persons year-on-year to over 45.1 million. The adjusted ILO jobless rate eased to 3.3% from 3.4%. The number of unemployed was roughly 1.44 million in October versus 1.45 million in September. It was also reported, that agreed earnings in Germany rose an average 3.7% year-on-year in the third quarter. Excluding extra payments, the increase was 2.7%.
Investors also still hope for de-escalation of trade tensions between the US and China at the G20 summit, although a significant breakthrough is hardly possible. The main event of the upcoming summit may be the first full-fledged meeting of US President Donald Trump and Chinese President Xi Jinping after the start of the US-China trade war.