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DAX unmoved by German macro disaster – why the index did not move?

The resilience of the current uptrend seems astonishing, with the DAX ignoring harsh reality of the German market.

The German DAX index traded only slightly lower on Tuesday, completely ignoring today’s miserable German data, indicating a very weak state of the economy.

German retail sales crater further

Earlier today, data showed that Germany’s Retail Sales plummeted by 5.3% monthly in December against the 0.2% projected and 1.1% previously. On a yearly change basis, the bloc’s Retail Sales plunged by 6.4% in December versus the -4.3% forecast and a 5.9% decline witnessed in November.

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Furthermore, in the three months leading up to December 2022, the Eurozone economy grew by 0.1%, marginally above the 0% projected and the 0.3% recorded in the previous quarter, according to a preliminary report issued by Eurostat on Tuesday. Annualized, the bloc’s GDP rose by 1.9% in the fourth quarter of 2022, compared to 2.3% in the third quarter. This is in line with predictions of 1.8% growth.

Elsewhere, according to the most recent Bank Lending Survey performed by the European Central Bank (ECB) on Tuesday, higher interest rates are having a significant impact on lending demand. According to the report, banks tightened credit standard heavily in Q4. In corporate credit standards, this was the largest since the 2011 sovereign debt crisis.

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Tomáš is a financial reporter with US markets as his main field. Tomáš is an aspiring author and entrepreneur aspiring to help people get better in financial knowledge.


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