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US growth data disappoints: DAX slips below 18,000 points
Weak US growth weighs on Dax: Disappointing data increases downward pressure on the Frankfurt Stock Exchange. Read more about the impact on the market.
US growth data disappoints: DAX slips below 18,000 points
The Dax saw initial downward pressure on Thursday due to disappointing US growth data. The leading German index started trading with losses and increased them throughout the day. At the close of trading it was 0.95 percent lower at 17,917.28 points. The DAX thus fell back below the much-noticed mark of 18,000 points, but remained above the 50-day average line tested at the daily low, which is considered an indicator of the medium-term trend. By midweek, the DAX recovery attempt had already lost momentum at the 21-day line.
The MDax, which includes medium-sized companies, also lost value and fell by 1.15 percent to 26,043.18 points. The US economy recorded a significant quarter-on-quarter contraction in the first quarter, which was stronger than expected. At the same time, core inflation rose, which, according to economists at Dutch bank ING, makes an imminent rate cut by the US Federal Reserve less likely. Hargreaves Lansdown analyst Susannah Streeter stressed that the data dented previous optimism in financial markets.
There was no positive economic news from Germany either. Although purchasing sentiment has recovered slightly according to the GfK consumer climate, it still remains at a low level. The current developments in the USA and Germany caused uncertainty on the stock markets and increased downward pressure on the Dax and the MDax.