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Stocks in Frankfurt are marginally lower on the back of consumer price index (CPI) and wholesale price index (WPI) reports which highlighted waning consumer demand. In October, the CPI declined by 0.2% compared with September, which was in line with market expectations. However, the WPI, which is a good indicator of how busy manufacturers are, dropped by 1% in October. This was a disappointment, as economists were expecting an increase of 0.3%.
The DAX spiked last week when the European Central Bank cut interest rates to an all-time low of 0.25%. According to Bloomberg, only three economists of the seventy they surveyed predicted the rate cut. The move by the ECB has left many traders wondering just how weak the eurozone might currently be.
In corporate news, Aareal Bank AG posted a 4.5% rise in quarterly net income and a 14% increase in three-month operating profits. The stock is up 0.8%.
Overall, despite being in the red today, the German index has risen 6.8% over the past two months and is in a clear uptrend. We could see traders buying when the market dips.