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European shares rise marginally as Germany GDP shrinks

2019-08-14 07:49 am | Resource: News | No Views : 37

 European shares rise marginally as Germany's GDP shrinks

European stock markets failed on Wednesday to follow Wall Street's rally and Asian stocks after a truce in the US-China trade war. The German economy contracted by 0.1% in the second quarter, the second negative result in a year, sparking recession fears.
  • Exchange rates were still quiet. Gold fell 0.3% to $ 1,496.96 an ounce, struggling to return to $ 1,500.
  • Demand for relative safety in German bond yields fell to an all-time low.
  • The euro was up 0.06% to $ 1.11776 at 8:58 am CET.
  • The euro rose against the pound by 0.09% to GBP 0.927.
  • The pound fell against the dollar by only 0.04% to $ 1.20555.

German GDP fell 0.1% in the second quarter

Germany's revised GDP, price, season and calendar fell 0.1% in the second quarter of 2019 compared to the previous three-month period, the German Federal Statistical Office announced on Wednesday.

In the second quarter, domestic demand and investments increased. Meanwhile, total fixed capital declined compared to the first quarter. The same sentiment was seen in foreign trade as exports fell more than imports. In addition, employment increased by 1% over the same period last year with 45.2 million people working in Germany.

Meanwhile, the German Federal Statistical Office confirmed that revised GDP rose 0.4% in the first quarter compared to the previous quarter. On an annual basis, real GDP stagnated.

European stock openings
  • The FTSE 100 started up 0.17% in London as Admiral rose 4.63% to the top of the pillar.
  • Both the German DAX and the CAC 40 traded only 0.05% in the green in the seconds after the opening bell, before retreating below the opening line. RWE outperformed its counterparts in the Frankfurt chip index and rose 0.96% on strong earnings. Snovy was the best performer in France, jumping 1.3%.

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