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European Equities: The FED and U.S Stats in Focus

Economic Calendar

Thursday, 27th January

GfK German Consumer Climate (Feb)

Friday, 28th January

French Consumer Spending (MoM) (Dec)

French GDP (QoQ) (Q4)

Spanish GDP (QoQ) (Q4)

German GDP (QoQ) (Q4)

German GDP (YoY) (Q4)

The Majors

It was another bullish day for the European majors on Wednesday. The DAX rallied by 2.22%, with the CAC40 and the EuroStoxx600 ending the day up by 2.11% and 1.70% respectively.

There were no major stats from the Eurozone to provide the European majors with direction. Following heavy losses at the start of the week, dip buyers continued to jump back in on the hope of less hawkish forward guidance overnight.

ANNUNCIO PUBBLICITARIO

For the global financial markets, the FOMC’s post-European close policy decision and press conference were the key drivers of the week.

The Stats

In December, total jobseekers stood at 3,075.0k, which was down from a November 3,087.8k.

From the U.S

Goods trade data also had a muted impact on the European majors. In December, the U.S goods trade deficit widened from $98.04bn to $100.96bn. Economists had forecast a narrowing to $96.10bn.

The Market Movers

For the DAX: It was a bullish day for the auto sector on Wednesday. Daimler and Volkswagen led the way, with gains of 2.46% and 2.67% respectively. BMW and Continental ended the day up by 2.27% and by 1.30% respectively.

It was also a bullish day for the banks. Deutsche Bank and Commerzbank rallied by 3.12% and by 3.09% respectively.

From the CAC, it was a bullish day for the banks. BNP Paribas and Soc Gen rallied by 3.05% and by 3.25% respectively, with Credit Agricole gaining 1.93%.

The French auto sector had a bullish session. Stellantis NV and Renault ended the day up by 4.19% and by 5.93%.

Air France-KLM and Airbus SE also found strong support, rallying by 3.91% and by 5.43% respectively.

On the VIX Index

It was a 7th consecutive day in the green for the VIX on Wednesday.

Following a 4.21% rise on Tuesday, the VIX increased by 2.57% to end the day at 31.96.

The NASDAQ rose by 0.02%, while the Dow and the S&P500 saw losses of 0.38% and 0.15% respectively.

The Day Ahead

It’s another quiet day ahead on the Eurozone’s economic calendar. Economic data is limited to German consumer sentiment figures. Following the FOMC statement and press conference overnight, however, we don’t expect the numbers to influence.

From the U.S, 4th quarter GDP and weekly jobless claims will provide direction later in the session.

The Futures

In the futures markets, at the time of writing, the Dow Mini was up by 66 points.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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