DAX Ends the Week Relatively Stable, Recovering From 2-Year Low
The German DAX stock index has stabilized slightly at the end of the week. The DAX added 0.20% to trade at 10.896 level. The index dropped below the 11.000 level on Thursday, for the first time since December 2016. Overall this week, the DAX has lost 5.55%.
Today’s economic data from Germany showed, that industrial output fell by 0.5% in October, missing the forecast for an increase of 0.3%. The latest fall was the first since a 1% slump in July. On an annualized basis, German industrial production rose 1.6% in October after a 0.7% gain in September. Economists had expected a 2.1% rise.
Eurozone gross domestic product (GDP) rose by 0.2% qoq in the third quarter, confirming preliminary estimates. This was the slowest rate of economic growth since the second quarter of 2014. On an annualized basis, Eurozone GDP growth rate was 1.6%, revising down its earlier estimate of a 1.7% growth.
It was also reported, that the economy of Germany, the Eurozone's largest, contracted by 0.2% qoq in the third quarter.