Strong EU Data Fails to Boost Market Sentiment
As the European trading session opened, investors were reeling from a heavy decline in Chinese stocks. The 4% tumble in the Shanghai Composite following China’s central bank guiding the yuan to its weakest level in three weeks. The sharp decline sent investors scurrying to safe haven investments, with precious metals being the largest beneficiaries of the risk-off sentiment sweeping through the markets.
The risk aversion also meant that investors ignored a surprise set of positive data from the EU
In a report released by Destatis, official data showed on Monday revealed that Retail sales in Germany increased more-than-expected last month, to a seasonally adjusted 0.7%, from 0.6% in the preceding month whose figure was revised up from -0.2%. This came after analysts had been expecting German Retail Sales to increase 0.2% for January.
In a report issued by DanmarksStatistik, official data showed that Danish GDP increased to a seasonally adjusted figure of 0.2%, up from the -0.4% recorded in the preceding month. This came after analysts had been expecting Danish GDP to stay unchanged at 0.0% for January.
official data released by StatistiskaCentralbyran showed that Sweden’s gross domestic product increased more-than-expected last month. The report revealed that Swedish GDP rose to a seasonally adjusted annual rate of 1.3%, from 1.0% in the preceding month whose figure was revised up from 0.8%. This came after analysts had been expecting Swedish GDP to increase 0.7% for January.
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