European stock markets close lower due to the drop in Chinese exports

The main European stock markets, except Madrid, have closed lower, affected by the slowdown in exports from China and the Bank of Canada’s rate hike, which is added to that of the day before in Australia and puts investors on alert about possible new increases by the Fed and the ECB.

Frankfurt has fallen 0.2%, Paris, 0.09%; London, 0.05%; the Euro Stoxx 50 index, which groups the largest listed companies, 0.08%; while Milan has rebounded in the last minutes of the session and has managed to close with a rise of 0.07%.

The Spanish stock market, which has risen 0.53%, has distinguished itself from the rest of the poor evolution of the rest and has traded positively all day thanks to the rise of Inditex, the textile group that owns Zara and the company with the greatest weight of that market, after publishing first quarter results that were very well received by investors.

European markets opened lower after China posted its smallest trade surplus in three months in April, indicating that demand in the rest of the world for products from the Asian giant is slowing due to the economic deterioration.

However, as of noon they have rebounded while Wall Street futures changed trend, but the rise in rates in Canada has cut short the recovery and has returned most of the European markets to losses.

The S&P, which was at record highs, fell 0.3% after the markets closed, while the Dow Jones rebounded a meager 0.09%.

The XTB analyst Dario Garía points out that the markets seem to “put on the brakes until next week the Fed rules on interest rates and economic forecasts.”

At the macroeconomic level, it has only been known that industrial production in Germany rose in April below expectations, although the data for March have been corrected upwards.

At the time of the closing of the stock markets, the euro hardly changed compared to the day before (+0.02%) and was exchanged at 1,069 dollars, while Brent oil rose 1.6%, up to US$ 77.5 a barrel .

The yield on long-term debt has risen for the third consecutive day and the ten-year German bond, considered the safest, has closed with an average yield of 2.454%, some eight basis points more than the day before.