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Germany’s SDAX sheds more than 1% after Germany halved its GDP forecast due to Iran conflict, iShares Expanded Tech-Software index down almost 5% as quarterly results from IBM and ServiceNow showed slowing growth
- Germany’s SDAX sheds more than 1% after Germany halved its GDP forecast due to Iran conflict yesterday.
- Weak Germany’s PMI also contributed to losses in Germany’s stocks, with Germany’s S&P Global Composite PMI falling to 48.3 in April, down sharply from 51.9 in March and below market expectations of 51.1.
- iShares Expanded Tech-Software index down almost 5% after quarterly results from IBM and ServiceNow showed slowing growth (despite beating estimates) amidst fears of AI disruption.
- Nasdaq composite was also down 0.5% briefly today as the conflict continues, with President Trump saying he has ordered the U.S. Navy to shoot any Iranian boat placing mines in the Strait of Hormuz.