UPDATE 1-German output shrinks in Q1 as lockdown dampens consumption Reuters 6 hrs ago
BERLIN, April 30 (Reuters) - The German economy contracted by a greater than expected 1.7% in the first quarter as a lockdown in place since November to contain the coronavirus stifled private consumption in Europe s largest economy, data showed on Friday. The coronavirus crisis caused another decline in economic performance at the beginning of 2021, the Federal Statistics Office said. This affected household consumption in particular, while exports of goods supported the economy. A Reuters poll had pointed to a first-quarter contraction of 1.5%.
The economy had expanded by an upwardly revised 0.5% in the last three months of last year as strong demand for German goods from China and the United States help the manufacturing sector offset headwinds created by subdued consumption.
U.S. index futures slumped on the final trading day of April, dragged lower alongside European and Asian markets, despite stellar economic data and blockbuster earnings as traders took a month-end breather amid a record high for the S&P 500 Index and some earnings disappointments. The dollar pared April losses, and the VIX jumped.
Russell 2000 futures tumbled 1.1% and Nasdaq 100 futures dropped 0.8% after China’s antitrust crackdown weighed on Asian technology shares.
Twitter plunged 13% in premarket trading after forecasting second-quarter revenue below some expectations, while Amazon s blockbuster earnings helped push the stock to all time highs, although gains were trimmed in the premarket.