European Equities: A Quiet Economic Calendar to Leave the U.S Markets to Influence

The Majors

It was another bullish day for the European majors on Tuesday, continuing gains from the start of the week.

The DAX30 increased by 0.81%, with the CAC40 and the EuroStoxx600 ending the day up by 0.57% and by 0.62% respectively.

There were no major stats from the Eurozone or the U.S to provide the majors with direction on the day. The lack of stats left the majors to take their cues from the U.S markets.

While the Omicron strain continued to surge globally, continuing reports of mild cases and lower hospitalization rates than the Delta variant supported the market.

The Stats

There were no major stats to provide the majors with direction.

From the U.S

There were no major stats from the U.S to influence.

The Market Movers

For the DAX: It was a mixed day for the auto sector on Tuesday. Continental and Volkswagen rose by 0.40% and by 0.52% respectively. BMW and Daimler saw modest losses of 0.06% and 0.41% respectively.

It was a bullish day for the banks, however. Deutsche Bank and Commerzbank rose by 0.45% and by 1.52% respectively.

From the CAC, it was a relatively bullish day for the banks. BNP Paribas gained 0.73%, with Credit Agricole and Soc Gen ending the day up by 0.37% and by 0.52% respectively.

The French auto sector had a bearish session, however. Stellantis NV and Renault ended the day down by 0.03% and by 0.41% respectively.

Air France-KLM and Airbus SE ended the day with modest gains of 0.13% and 0.96% respectively.

On the VIX Index

It was a 5^th consecutive day in the red for the  VIX on Tuesday.

Following a 1.56% decline on Monday, the VIX fell by 0.79% to end the day at 17.54.

The Dow rose by 0.26%, while the NASDAQ and the S&P500 fell by 0.56% and 0.10% respectively.

The Day Ahead

It’s a quiet day ahead on the Eurozone’s economic calendar. There are no material stats due out of the Eurozone to provide the majors with direction. Later in the day, inventories, goods trade data, housing sector numbers from the U.S will be in focus. Barring a marked widening of the U.S goods trade deficit, however, we don’t expect the numbers to influence.

Away from the economic calendar, COVID-19 news will need continued monitoring, however.

The Futures

In the futures markets, at the time of writing, the Dow Mini was up by 20 points, while the DAX was down by 29 points.

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