Major European indices closed in the red on Monday, as investors quietly picked up inflation data from some of the region’s largest economies due to the holidays in the UK and US
Germany DAX temporarily ended the day with a 0.7% decline, retreating from an all-time high hit last week. France CAC was also lower by about 0.7% at the end of the day. The Spanish IBEX fell about 0.9%.
Meanwhile, the Italian FTSE MIB ended the day pretty straight. In Great Britain, it is a holiday for banks, and FTSE 100 is closed. U.S. markets are also closed, this time for Remembrance Day weekend.
The German index was measured for Deutsche Bank, whose share price subsequently fell by as much as 2% reports that the U.S. Federal Reserve he said he was concerned about the practice of a German lender against money laundering. By the end of the day, some losses accounted for about 1.3%.
This comes after inflation data for countries, including Spain, was released, which recorded the highest inflation rate in four years. Consumer prices rose 2.4% year-on-year in May, according to quick data from the Central Bureau of Statistics. In Germany, inflation rose 2.5% from May, boosting that inflation reached the continent.
France, meanwhile, begins vaccinations against Covid-19 on Monday for anyone over the age of 18.
The OECD is increasing its forecasts
The OECD’s latest economic review, released Monday, brought good news for the eurozone. A report titled “Without Regular Recovery” says the global economic outlook is great, but in a very uneven way. Overall looking at the global outlook, the organization sees gross domestic product (GDP) growth of 5.8% in 2021, compared to a decrease of 3.5% in 2020. It forecasts growth of 6.3% for the G20 group of developed economies and 4.3% for the euro area.
It was added, however, that despite encouraging signs in health and economic recovery, there are some significant road winds, namely insufficient vaccines for developing countries.
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