DAX Declines for 5th Straight Day (EWG)
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iShares MSCI Germany Index (NYSE: EWG), and ETF that tracks stocks in Germany, is expected to open lower on Tuesday after the DAX Index declined for the fifth straight day. A report out overnight showed that German factory orders declined more than expected in April, -1.9 percent vs. -1.1 percent expected.There was a 3.6 percent drop in orders from abroad, with orders for consumer and capital good falling 5 percent and 3.3 percent respectively.
"Overall the data shows that Germany's comparatively robust economy has not escaped the crisis unscathed," said Peter Meister of BHF Bank told Reuters.
"A lot of economic data coming out of the U.S. and big emerging markets has not been particularly positive recently. The German economy, which is very dependent on exports, will see a slowdown in the coming months."
EWG is trading lower by over 1 percent in pre-market trading on Tuesday, as the DAX sells off. The ETF has shed 12 percent in the past 30 days.
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"Overall the data shows that Germany's comparatively robust economy has not escaped the crisis unscathed," said Peter Meister of BHF Bank told Reuters.
"A lot of economic data coming out of the U.S. and big emerging markets has not been particularly positive recently. The German economy, which is very dependent on exports, will see a slowdown in the coming months."
EWG is trading lower by over 1 percent in pre-market trading on Tuesday, as the DAX sells off. The ETF has shed 12 percent in the past 30 days.
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