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DAX Slips As PMI Disappoints
(RTTNews) - German stocks were slightly lower on Monday after a preliminary survey showed German business activity contracted in July, raising the odds of a recession in the second half of the year.
The HCOB German Flash Composite Purchasing Managers' Index (PMI), compiled by S&P Global, dropped to 48.3 from 50.6 in June.
This is a bad start to the third quarter and our GDP forecast for the third quarter points to negative growth, said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
Investors also awaited rate decisions from the Federal Reserve, the European Central Bank and the Bank of Japan this for directional cues.
The benchmark DAX was down 20 points, or 0.1 percent, at 16,157 after losing 0.2 percent on Friday.
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U.S. Dollar Higher On Trade Hopes
The U.S. dollar appreciated against its major counterparts in the New York session on Friday, as investors focused on developments on the trade front.
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Swiss Market Ends On Firm Note On Upbeat Industrial Production Data
After a positive start and a subsequent rise to higher levels Friday morning, the Switzerland market remained firm despite paring some gains, and ended the day's session on a bright note.
Data showing a sharp jump in Swiss industrial production in the first-quarter aided sentiment.
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European Stocks Close Week On Positive Note
European stocks closed higher on Friday thanks to easing trade tensions following the announcement of the U.S.-China deal earlier in the week, and reports that the EU bloc's talks with the U.S. for a reduction in tariffs are making positive progress.
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Canadian Market Recovers After Weak Start; TSX Up Marginally
Canadian stocks are turning in a mixed performance a little past noon on Friday after recovering from an early setback. Investors appear to be making cautious moves after eight straight days of gains that saw the market climb to a new record high on Thursday.
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U.S. Consumer Sentiment Unexpectedly Continues To Deteriorate In May
Consumer sentiment in the U.S. has unexpectedly continued to deteriorate in the month of May, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index dipped to 50.8 in May after slumping to 52.2 in April. Economists had expected the index to inch up to 53.4.
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U.S. Import, Export Prices Unexpectedly Inch Higher In April
The Labor Department released a report on Friday unexpectedly showing modest increases by both U.S. import and export prices in the month of April. The report said import prices crept up by 0.1 percent in April after falling by a downwardly revised 0.4 percent in March.
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U.S. Housing Starts Rebound Less Than Expected In April, Building Permits Pull Back Sharply
While the Commerce Department released a report on Friday showing a rebound by new residential construction in the U.S. in the month of April, the report also showed a substantial pullback by building permits during the month.
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Eurozone Trade Surplus Surges On Exports To US
The euro area trade surplus grew strongly in March as exports to the U.S increased sharply ahead of the expected increase in trade tariffs. The trade balance showed a surplus of EUR 36.8 billion compared to a EUR 22.8 billion surplus in the same period last year, Eurostat reported Friday.
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