11 Aug 2015
European stocks extends losses, DAX – the main laggard on ZEW
FXStreet (Mumbai) - European indices remains in the negative territory as traders digest the latest fundamentals including, the German ZEW index, PBOC Yuan fix action and Greece's bailout deal providing mixed cues across the board.
The European traders were also hurt by deteriorating investors’ morale in the Eurozone’s economic power – Germany, the latest ZEW survey revealed. Germany's ZEW economic sentiment index dropped unexpectedly to 25 points in August, from 29.7 a month before, the fresh report revealed. Markets had forecast a slight rise to 31.9 points.
The German benchmark, the DAX keeps falling on downbeat ZEW while auto stocks dragged the index lower with BMW losing 3.65%, while Continental slipped 3.46% and Daimler declined 3.70%. Rising EUR/USD beyond 1.10 handle also weighed on the export-oriented stocks.
Meanwhile, Germany's DAX 30 index trades -1.31% at 11,452 while the UK benchmark FTSE 100 also trades -0.75% lower at 6,685. Among the other indices, the French CAC 40 index loses- 1.20% to 5,133, and the pan-European Euro Stoxx 50 drops over 1% to 3,636.
The European traders were also hurt by deteriorating investors’ morale in the Eurozone’s economic power – Germany, the latest ZEW survey revealed. Germany's ZEW economic sentiment index dropped unexpectedly to 25 points in August, from 29.7 a month before, the fresh report revealed. Markets had forecast a slight rise to 31.9 points.
The German benchmark, the DAX keeps falling on downbeat ZEW while auto stocks dragged the index lower with BMW losing 3.65%, while Continental slipped 3.46% and Daimler declined 3.70%. Rising EUR/USD beyond 1.10 handle also weighed on the export-oriented stocks.
Meanwhile, Germany's DAX 30 index trades -1.31% at 11,452 while the UK benchmark FTSE 100 also trades -0.75% lower at 6,685. Among the other indices, the French CAC 40 index loses- 1.20% to 5,133, and the pan-European Euro Stoxx 50 drops over 1% to 3,636.