Major European indexes were mixed on Monday as investors digested inflation data from some of the largest economies. The German index was burdened by Deutsche Bankafter it was reported that the US Federal Reserve is concerned about the Anti-money laundering practices of the German lender was.
The German DAX was 0.24% lower at 15,481 at 11: 45 a.m. local time, after reaching an all-time high the previous week. France’s CAC was largely flat, trading at 6,488.
Switzerland’s SMI remained flat, as did Italy’s FTSE MIB, which rose just 0.3% to 25,249. It is a public holiday in the UK where the FTSE 100 is closed.
Deutsche Bank falls 2 %
The German index was weighed down by Deutsche Bank, whose share price slipped nearly 2% after it was reported that the US Federal Reserve was concerned about the German lender’s anti-money laundering practices.
Also on Monday were Inflation data released for countries such as Spainwho inflation recorded its highest level in four years. Which Consumer prices rose by 2.4% in May compared with the previous year. This is revealed by flash data from the country’s National Statistics Institute. Meanwhile, France will begin Covid-19 vaccinations for everyone over 18 on Monday.
Although the day mostly started in the green area, european markets lacked a unified direction in the late morning, as some Asian markets experienced a decline, as China experienced a slowdown in production growth due to higher commodity prices, and Malaysia goes into a new hard lockdown. Meanwhile, U.S. markets are closed for Memorial Day weekend.
OECD increases forecasts
The OECD’s latest economic outlook, published on Monday, brought some good news for the euro area. His report, entitled “No Ordinary Recovery,” states that the global economic outlook is brightening, but in a very unequal way. For the global outlook as a whole, the organization sees a Gross domestic product (GDP) growth of 5.8% in 2021 compared to a decline of 3.5% in 2020. It forecasts growth of 6.3% for the G20 group of industrialised countries and 4.3% for the euro area.
However, the OECD added that despite encouraging signs of health and economic recovery some significant headwinds persistnot enough vaccines for developing countries.
At the same time, there is hope, that US employment figures for May show a comeback in hiring, which underpins a sustained global recovery. The dollar is holding at a two-month high and the price of gold is above a key level of $ 1,900 as investors see gold as a hedge against inflation. US core inflation rose above the Federal Reserve’s target on Friday.
Malaysia faces Full Covid Lockdown
In other news ends the term of office of OECD Secretary-General Angel Gurria on Monday. In Asia, Malaysia stocks are trading lower as the country heads towards the full Covid lockdown.
Malaysia’s benchmark index, the FTSE Bursa Malaysia KLCI Index, fell by around 1.5% at the time of opening %, before the session closed 0.7% lower. This left the index behind many markets in the Asia-Pacific region. The government announced a nationwide “total lockdown” from Tuesdayto contain the rapidly rising daily Covid-19 infections in the country.
Top Brokers for buying and trading cryptocurrencies
- Buy Real Bitcoin or Bitcoin CFDs
- Wallet and Exchange in one
- 14 + Cryptos
- EU regulated
- Over 40 cryptos on offer
- Fees rather in the midfield
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.