DAX: Downward Trend Continues
The German DAX stock index is still under pressure. The DAX fell by 0.62% to trade at 11.241 level. Earlier today, the DAX fell to 11.224, reaching its lowest level since November 21.
Retail sales in Germany rose sharply in October, increasing at the fastest pace in almost a year and a half. The Federal Statistical Office reported, that retail sales rose at an annualized rate of 5% in October after a decline of -2.8% in September (revised from -2.6%). Economists had expected a growth rate of 2.7%. On a monthly basis, retail sales fell by -0.3% in October, as in September, (revised from +1%). Economists had expected a growth rate of 0.3%.
Today's data also showed, that Eurozone consumer price inflation slowed to 2.0% year-on-year in November after a six-year high of 2.2% in October. Core CPI also dropped to 1.0%, below forecasts for it to be unchanged at 1.1%.
Markets expect the meeting between US President Donald Trump and Chinese President Xi Jinping. If the meeting goes well and the US desists from further tariff action, risk appetite will improve and the stock markets would likely rise.