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German consumers are most optimistic according to survey by GFK. GFK consumer climate reached record high touching 10.2, up from 10.1 prior and beat estimates of 10.
- Economists were expecting a dent in consumer sentiment due to ongoing Greek crisis, recent rout in Government bond market. However consumers showed as of now, they are little concern over Greece and inflation.
When consumers are happy and optimistic they tend to buy and invest more, so robust domestic demand is expected to continue over the coming days.
- Index which tracks consumers' willingness to buy reached new heights in May at 62.6, compared to 58.3 in April and 49.5 a year ago.
- Economic expectation index has improved to 38.3 in May from 35.3 in April, however remain almost unchanged from a year ago (38.5).
- Income expectations have softened in May to 52 from 55.1 in April. Probably over optimism regarding European Central Bank's (ECB) asset purchase is somewhat fading. However the index is up from 47.8, a year ago level.
German equity index DAX have retreated from its recent high. Expect further upside as consumers' optimism, lower Euro and lower interest rates from ECB would benefit German companies a lot. DAX is currently trading at 11600, target is around 12650 with stop around 11000 level.
