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European Equities: A Quiet Economic Calendar Leaves the FED Monetary Policy in Focus

·3 minuto per la lettura

Economic Calendar

Monday, 20th September

German PPI m/m (Aug)

Thursday, 23rd September

Spanish GDP (QoQ) (Q2)

French Manufacturing PMI (Sep) Prelim

French Services PMI (Sep) Prelim

German Manufacturing PMI (Sep) Prelim

German Services PMI (Sep) Prelim

Eurozone Manufacturing PMI (Sep) Prelim

Eurozone Markit Composite PMI (Sep) Prelim

Eurozone Services PMI (Sep) Prelim

Friday, 24th September

German Ifo Business Climate Index (Sep)

The Majors

It was a bearish end to the week for the European majors on Friday.

The DAX30 slid by 1.03% to lead the way down, with the CAC40 and the EuroStoxx600 seeing losses of 0.79% and 0.88% respectively.

Economic data from the Eurozone was on the lighter side, leaving the markets to look ahead to this week’s FOMC meet.

Uncertainty ahead of the FOMC economic projections and monetary policy outlook weighed on the majors.

Later in the session, talk of an increase in U.S corporate tax weighed on the U.S majors, adding further pressure on the European markets.

The Stats

It’s a was a quiet day on the Eurozone economic calendar. Finalized August inflation figures for the Eurozone were in focus early in the European session.

In August, the Eurozone’s annual rate of inflation accelerated from 2.2% to 3.0%, which was in line with prelim figures.

The core annual rate of inflation held steady at 1.6%, which was also in line with prelim figures.

From the U.S

It was also a relatively quiet day on the economic calendar, with consumer sentiment figures in focus.

In September, the Michigan Consumer Sentiment Index rose from 70.3 to 71.0 versus a forecasted 72.0. The Consumer Expectations climbed from 65.1 to 67.1, according to prelim figures.

The Market Movers

For the DAX: It was a mixed day for the auto sector on Friday. BMW and Volkswagen slid by a 2.48% and by 2.75% respectively, with Daimler falling by 1.42%. Continental bucked the trend following Thursday’s sell-off, however, rising by 1.07%.

It was also a mixed day for the banks. Deutsche Bank fell by 0.23%, while Commerzbank ended the day up by 1.17%.

From the CAC, it was a bearish day for the banks. Soc Gen and BNP Paribas fell by 1.12% and by 1.14% respectively. Credit Agricole led the way down, however, with a 1.77% loss.

It was also a bearish day for the French auto sector. Stellantis NV slid by 3.45%, with Renault falling by 1.20%.

Air France-KLM ended the day up by a further 1.79%, supported by UK travel easing plans, while Airbus SE fell by 1.60%.

On the VIX Index

It was a 2nd consecutive day in the green for the VIX on Friday.

Following a 2.81% gain on Thursday, the VIX jumped by 11.34% to end the day at 20.81.

On Friday, the Dow fell by 0.48%, with the NASDAQ and S&P500 both ending the day down by 0.91% respectively.

The Day Ahead

It’s a particularly quiet day ahead on the Eurozone’s economic calendar.

There are no major stats to provide the European majors with direction at the start of the week. German wholesale inflation figures are due out but should have a muted impact on the majors.

With no stats from the U.S to consider later in the session, caution ahead of Wednesday’s FOMC will likely peg the majors back.

The Futures

In the futures markets, at the time of writing, the Dow Mini was down by 101 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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