DAX Edges Higher In Cautious Trade
(RTTNews) - German stocks edged up slightly on Monday after a brutal sell-off last week on concerns over rising inflation and slowing global growth.
German producer price inflation rose to a fresh record high in May, driven by energy prices, data from Destatis showed earlier today.
Producer prices logged a double-digit growth of 33.6 percent year-on-year in May, following April's 33.5 percent increase. The rate was forecast to grow again by 33.5 percent.
On a monthly basis, producer prices gained 1.6 percent after rising 2.8 percent in April. Economists had forecast prices to climb 1.5 percent.
The benchmark DAX rose 47 points, or 0.4 percent, to 13,173 after rising 0.7 percent on Friday.
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TSX Ends Sharply Lower On Mixed Economic Data, Weak Commodities
The Canadian market ended sharply lower on Friday due to heavy selling in technology, materials and energy sectors. Consumer discretionary and financials stocks too reeled under pressure, albeit to a less pronounced extent.
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Dollar Rises, Gains Against Major Counterparts
The U.S. dollar climbed higher on Friday, scoring gains over most of its major counterparts, after weak consumer sentiment data prompted investors to shun riskier assets such as equities.
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Swiss Market Ends On Buoyant Note
The Switzerland market started off on a flat note on Friday, but gained in strength as the day progressed with stocks from across several sectors finding good support.
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U.S. Dollar Higher Amid Risk Aversion
The U.S. dollar advanced against its major counterparts in the New York session on Friday amid risk aversion, as U.S. stocks pulled back after weak consumer sentiment data.
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Major European Markets Close On Mixed Note
European stocks closed on a mixed note on Friday with investors largely making cautious moves, digesting regional PMI data, and a slew of corporate earnings announcements, in addition to closely following the developments on the geopolitical front.
Uncertainty about U.S. government's trade and economic stance weighed on stocks. Germany's snap election on Sunday was in focus as well.
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Canadian Markets Remains In Negative Territory; Energy, Materials Shares Decline
After opening slightly up, the Canadian market tumbled into negative territory Friday morning as tariff threats and weak commodity prices, as well a few disappointing earnings updates prompted investors to press sales at several counters. Preliminary data showing a likely drop in retail sales in January is weighing as well.
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U.S. Consumer Sentiment Plunges To Lowest Level Since November 2023
A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by much more than previously estimated in the month of February. The University of Michigan said its consumer sentiment index for February was downwardly revised to 64.7 from a preliminary reading of 67.8. Economists had expected the index to be unrevised.
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U.S. Existing Home Sales Pull Back Sharply In January
Existing home sales pulled back sharply in the month of January, according to a report released by the National Association of Realtors on Friday. NAR said existing home sales plunged by 4.9 percent to an annual rate of 4.08 million in January after surging by 2.9 percent to an upwardly revised rate of 4.29 million in December.
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