Major European indices are closing with results.
In Germany today, a slew of economic data needed a mixed picture.
- Preliminary figures from Destatis showed that annual inflation eased slightly to 2.1% in April from 2.2% in March, though it came in just above the consensus estimate of 2.0%.
- Meanwhile, the economy showed modest signs of recovery, with GDP expanding by 0.2% in the first quarter—rebounding from a 0.2% contraction in the previous quarter. Despite this improvement, analysts at ING warned that Germany could still face a rare third consecutive year of mild recession, stressing that economic revitalization should be a top priority for the incoming government.
- In the labor market, the unemployment rate ticked up to 6.3% from 6.2%, while the number of unemployed rose by 4,000—well below both the prior increase of 26,000 and the expected 20,000.
A summary of the closing levels shows
- German DAX, +0.32%
- France’s CAC, +0.50%
- UK’s FTSE 100, +0.37%
- Spain’s Ibex, -0.59%
- Italy’s FTSE MIB -0.71%.
As European traders exit for the day, US stocks or rebounding in trading the highest levels for the day but still down.
- Dow industrial average -178 points or -0.44%
- S&P index point at 44 points or -0.79%
- NASDAQ index -200 points or -1.16%
Looking at the US debt market, yields are mixed:
- 2-year yield 3.635%, -2.1 basis points
- 5-year yield 3.761%, -0.9 basis points
- 10 year yield 4.177%, +0.5 basis points
- 30 year yield 4.674%, +2.7 basis points
This article was written by Greg Michalowski at www.forexlive.com.