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Euro Stoxx 50 and German DAX Index Futures Down

Ifo Institute Publishes Report on German Economic Prospects

Germany cuts 2026 GDP growth forecast to 1.0% from 1.3%

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ECB's Villeroy emphasizes the need for more data on core inflation before considering interest rate hikes. He expresses caution, noting that the ECB lacks sufficient information to justify immediate changes. Concerns focus on second-round effects from initial price shocks, with current data showing moderated core inflation and wage growth expectations. The ECB has indicated a potential rate hike in June, contingent on improvements in geopolitical tensions and oil prices.

- The European Central Bank's Villeroy emphasizes caution regarding interest rates while waiting for more data to justify a hike.  
- He is seeking clearer evidence that price pressures are spreading beyond volatile energy and food sectors, with concerns about second-round effects from initial price shocks.  
- Current economic data does not urgently call for a rate increase, as core inflation slows and inflation expectations rise only short-term, while wage growth forecasts have decreased.

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ECB's Villeroy: We don't have enough information on core inflation yet

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European stock markets opened lower, with Germany's DAX30 index falling by 1.3%, France's CAC40 index declining by 1.1%, and the Euro Stoxx 50 index dropping by 1.25%. According to ChainCatcher, these declines reflect ongoing market concerns.

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European Stocks Open Lower Amid Market Concerns

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The DAX index fell by 0.27% today, closing at 24018.26, marking its largest one-day decline since April 22, 2026. It has now dropped for seven consecutive trading days, totaling a decline of 2.77% over this period. The index is currently 5.52% below its record close of 25420.66 from January 13, 2026, and has reached its lowest closing value since April 13, 2026. Year-to-date, the DAX is down 1.93%.

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DAX Ends 0.27% Lower at 24018.26 — Data Talk

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German DAX 30 index initially closed down 0.37% at 24,181.21 points. French stock indices initially fell 0.86%, Italian stock indices initially dropped 0.28%, banking index fell 1.36%, UK stock indices initially declined 0.21%

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Germany's DAX 30 index initially closed down 1.23% at 24,399.08 points. French indices initially fell 1.23%, Italian indices initially dropped 1.46% with the banking sector index declining 3.39%, and UK indices initially closed down 0.74%

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On Tuesday (April 14), the German 2-year Treasury yield fell approximately 10.7 basis points to 2.538%. The 10-year yield dropped 7.1 basis points, reaching a daily low of 3.022%. The 30-year yield declined 3.5 basis points to 3.581%. Meanwhile, WTI crude oil futures continued to widen their losses after failing to break above $98 per barrel

German 2-Year Treasury Yield Falls About 11 Basis Points as Investors Focus on Declining Oil Prices

Traders have lowered their expectations for the European Central Bank's interest rate policy in 2026, now pricing in a 56 basis point hike

ECB policymaker Olli Rehn stated that interest rate decisions are flexible and not predetermined. He highlighted an unavoidable rise in inflation projected for 2026, with estimates suggesting a spike to 3.1% due to volatile energy prices. The ECB is monitoring the Middle East conflict's impact on the Eurozone economy, noting risks of stagflation and downward revisions in growth projections. Rehn emphasized the need to prevent temporary price shocks from affecting long-term inflation expectations and acknowledged the long-term challenges of repairing energy infrastructure damaged by the conflict.

- Rising inflation in 2026 is anticipated, but its mid-term effects remain unclear.  
- The European Central Bank is closely monitoring Middle East conflicts and their spillover on the Eurozone economy, emphasizing that monetary policy should consider the overall economic situation rather than solely focusing on single prices like oil.  
- ECB's Olli Rehn highlighted that while a short-term inflation spike to 3.1% is likely due to volatile energy prices, ensuring these temporary shocks do not affect wage-setting or long-term inflation expectations is crucial and will require policy responses.

ECB's Rehn: Interest rate decisions are not locked in beforehand

Germany's DAX 30 index initially closed down 0.22% at 23,750.26 points. French indices initially fell 0.35%, Italian indices dropped 0.14% with the banking index declining 0.22%, and UK indices initially declined 0.15%

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In March, Germany's S&P Global PMI Composite Output fell to 51.9, hitting a three-month low, primarily affected by a slowdown in service sector growth. The Services Business Activity Index dropped to 50.9, the lowest since September of last year, indicating a moderate expansion rate below the long-term average. Meanwhile, manufacturing output growth reached a 49-month high

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The Economic: Germany's March S&P Global PMI Composite Output fell to 51.9

ETFS 3x Daily Short DAX 30 (German Cert.)(GY3S.DE)