The ZEW institute for German economy was the most important print today and it somewhat surprised the market to the downside . The main release, namely survey expectations deteriorated further in July, against the market expectations for index to edge slightly higher. However the print was taken as negatively as it could have been, as the current situation measure improved by higher margin than market was expecting.
Main European indices opened today trading session slightly lower and are heading south during the day. DAX is now trading lower by about 1,2%, proving that investors pretty much ignored the weaker print. Looking deeper into the individual stocks withing the index we see that only Lufthansa and Deutsche Post are trading higher today. Among the biggest losers we can find companies from the automotive sector, namely: Daimler, BMW, Continental and Volkswagen.