The main European indexes were volatile on Monday. As investors analyze inflation data from some of the region’s largest economies on quiet days due to holidays in the UK and US.
Germany’s DAX was trading 0.24% lower at 15,481 as of around 11:45 a.m. local time. After hitting record highs last week, France’s CAC was largely stable. It was trading at 6,488 at the same time in Paris.
Switzerland’s SMI was flat, as was Italy̵7;s FTSE MIB, up just 0.3% at 25,249 as UK bank holidays closed on FTSE 100.
The German index was pressured by Deutsche Bank, whose shares trade in negative territory, fell nearly 2 percent after reports the Federal Reserve said there were concerns about lenders’ anti-money laundering practices in Germany.
Also on Monday, inflation data was released for countries including Spain, which had the highest inflation reading in four years. Consumer prices rose 2.4% in May year-on-year, according to flash data from the country’s National Institute of Statistics.
meanwhile France on Monday began vaccinating against COVID-19. For anyone over the age of 18
Although the start of the day was mostly green. But European markets were erratic in the early morning amid the recession in some Asian markets. This is because China reports slow manufacturing growth due to higher commodity prices.
meanwhile US markets are closed for Memorial Day weekend.
OECD raises forecasts
The OECD’s latest economic outlook, released on Monday. has presented good news for the euro area The report, titled “No Ordinary Recovery,” said the outlook for the global economy was bright. but in a very uneven way for a global overview The organization sees a 5.8% growth in gross domestic product (GDP) in 2021, compared with a 3.5% contraction in 2020, forecasting a 6.3% increase in the G20 of the developed countries and 4.3% for the euro area.
However, the report added that Despite the signs of health and economic recovery But there are still some major obstacles. That is, vaccines are not enough for developing countries.
Amid hopes that US employment numbers resumed employment in May. which shows the continued recovery of the world. The dollar hit a two-month high and gold prices hovered above the $1,900 mark as investors flocked to the currency as a hedge against inflation. US core inflation rose above the Federal Reserve’s target on Friday.
In other news, OECD Secretary-General Angel Gurria’s term ends Monday, and NATO chief Jens Stoltenberg is scheduled to make a brief press conference. Before the meeting of the Foreign Ministers and the Ministry of Defense
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