Investing.com – German producer price inflation declined unexpectedly in August, official data showed on Tuesday.
In a report, Destatis, Germany's statistics office said that its producer price index fell by a seasonally adjusted 0.3% in August, confounding expectations for a 0.2% gain. German PPI rose by 0.7% in July.
Year-on-year, German producer price index rose at an annualized rate of 5.5% in August, after advancing at a rate of 5.8% in July. Analysts expected year-on-year PPI to rise at an annualized rate of 5.7%.
Following the release of the data the euro was down against the U.S. dollar, with EUR/USD slumping 0.59% to trade at 1.3605.
Meanwhile, the outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a loss of 0.3%, France’s CAC 40 futures indicated a decline of 0.35%, Germany's DAX futures shed 0.5%, while the FTSE 100 futures slipped 0.25%.
In a report, Destatis, Germany's statistics office said that its producer price index fell by a seasonally adjusted 0.3% in August, confounding expectations for a 0.2% gain. German PPI rose by 0.7% in July.
Year-on-year, German producer price index rose at an annualized rate of 5.5% in August, after advancing at a rate of 5.8% in July. Analysts expected year-on-year PPI to rise at an annualized rate of 5.7%.
Following the release of the data the euro was down against the U.S. dollar, with EUR/USD slumping 0.59% to trade at 1.3605.
Meanwhile, the outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a loss of 0.3%, France’s CAC 40 futures indicated a decline of 0.35%, Germany's DAX futures shed 0.5%, while the FTSE 100 futures slipped 0.25%.