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Economic Calendar:

Friday, 14th May 2021

Spanish CPI (YoY) (Apr) Final

Spanish HICP (YoY) (Apr) Final

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The Majors

It was a mixed session for the European majors on Thursday, which had seen just minor gains on the day prior.

The EuroStoxx600 fell by 0.20%, while the CAC40 and the DAX30 ending the day up by 0.14% and by 0.33% respectively. All three had been in the deep red early in the session in response to the U.S sell-off on Wednesday.

Inflation reality and the fear of a shift in FED monetary policy had left the majors on the backfoot earlier the day.

Market optimism towards a speedy economic recovery and the continued easing of lockdown measures provided much-needed support, however.

Better than expected jobless claim figures from the U.S also delivered support later in the session.

The Stats

There were no major stats from the Eurozone to provide the majors with direction on Thursday.

From the U.S

Wholesale inflation and weekly jobless claim figures were in focus late in the session.

Following April inflation figures on Wednesday, however, it was the weekly jobless claim figures that were key.

In the week ending 7th May, initial jobless claims fell from 507k to a post-pandemic low 473k. Economists had forecast a decline to 490k.

Initial jobless claims had peaked at 6,648k back in the final week of March 2020 at the onset of the pandemic.

The Market Movers

For the DAX: It was a mixed day for the auto sector on Thursday. Volkswagen rallied by 1.47%, with Continental gaining by 0.14%. BMW and Daimler saw modest losses of 0.62% and by 0.30% respectively, however.

It was a bullish day for the banks. Deutsche Bank and Commerzbank ended the day with gains of 1.51% and 0.06% respectively.

From the CAC, it was a bearish day for the banks. Credit Agricole fell by 1.36%, with BNP Paribas and Soc Gen ending the day down by 0.95% and by 0.29% respectively.

It was another bearish day for the French auto sector. Stellantis NV fell by 0.49%, with Renault declining by 0.93%.

Air France-KLM and Airbus SE ended the day with losses of 1.66% and 0.58% respectively.

On the VIX Index

A run of three consecutive days in the green came to an end for the VIX on Thursday.

Partially reversing a 26.33% rise from Wednesday, the VIX slid by 16.17% to end the day at 23.13.

The NASDAQ rose by a modest 0.72%, with the Dow and the S&P500 ending the day up by 1.29% and by 1.22% respectively.

The Day Ahead

It’s a particularly quiet day ahead on the European economic calendar. Finalized April inflation figures from Spain are due out.

We don’t expect the numbers to have a material impact on the majors, however.

From the U.S, retail sales, industrial production, and consumer sentiment figures will influence later in the session, however.

Expect the retail sales figures to be key.

The Futures

In the futures markets, at the time of writing, the Dow Mini down up by 8 points.

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

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