US Debt Crisis Pressures the DAX Despite Strong Ifo Data, Snowflake and Urban Outfitters up Double Digits After Strong Figures!

Dear Investors, The DAX is clearly under pressure after a weak trading start around noon, down 0.88%, but it is able to somewhat contain its initial price declines following better-than-expected data from the ifo business climate index. The closely watched economic indicator increased by 0.6 points to 87.5 in May, marking the fifth consecutive rise. The US major indices closed significantly weaker the previous evening after strong gains in the past trading days. The broad S&P 500 had to close down 1.61%, while the Nasdaq Composite also closed...