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Economic Calendar:

Tuesday, 17th November

ECB President Lagarde Speaks

Wednesday, 18th November

Eurozone Core CPI (YoY) (Oct) Final

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Eurozone CPI (YoY) (Oct) Final

Eurozone CPI (MoM) (Oct) Final

Thursday, 19th November

ECB President Lagarde Speaks

Friday, 20th November

German PPI (MoM) (Oct)

Eurozone Consumer Confidence Flash


The Majors

It was a bullish start to the week for the European majors on Monday. The CAC40 rallied by 1.70% to lead the way, with the DAX30 and EuroStoxx600 seeing gains of 0.47% and 1.20% respectively.

Concerns over the economic outlook amidst the 2nd wave of the COVID-19 pandemic took a back seat once more.

Following Pfizer’s impressive results from last week, Moderna Inc.’s anticipated clinical trial results came out on Monday.

The results were even more impressive than those of Pfizer Inc. and BioNTech. Moderna Inc. reported an efficacy rate of 94.5%, with trials including more severe cases. Additionally, Moderna Inc. reported that the virus could be transported at much higher temperatures than Pfizer Inc. and BioNTech’s.

Economic data took a backseat, with the hopes of an end to the global COVID-19 pandemic lifted as a result of the latest results.

The Stats

It was a relatively quiet day on the Eurozone economic calendar. Key stats included finalized October inflation figures for Italy.

In October, consumer prices rose by 0.2%, month-on-month, which was in line with prelims. In September, consumer prices had slumped by 0.7%. The figures had a muted impact on the EUR, however.

From the U.S

Economic data included November’s NY Empire State Manufacturing Index figures. The Index fell from 10.5 to 6.30, which was worse than a forecasted increase to 12.2.

With the markets focused on the latest COVID-19 news, however, the stats had a muted impact on the European majors.

The Market Movers

For the DAX: It was a bullish day for the auto sector on Monday. BMW and Continental rallied by 2.42% and by 2.95% respectively to lead the way. Daimler and Volkswagen weren’t far behind with gains of 2.15% and by 1.74% respectively.

It was a relatively bullish day for the banks. Deutsche Bank rose by 0.73%, with Commerzbank gaining 1.83%.

From the CAC, it was a bullish day for the banks, with BNP Paribas and Credit Agricole rising by 1.72% and by 1.90% respectively. Soc Gen rallied by 4.21%, however, to lead the way.

It was a bullish day for the French auto sector. Peugeot rallied by 3.69%, with Renault gaining 2.71%.

Air France-KLM surged by 11.71%, with Airbus SE rallying by 5.19%.

On the VIX Index

It was a 2nd consecutive day in the red for the VIX on Monday, marking a 10th day in the red from thirteen. Following on from an 8.88% fall on Friday, the VIX fell by 2.81% to end the day at 22.45.

On Monday, the Dow rallied by 1.60%, with the NASDAQ and the S&P500 gaining 1.16% and 0.80% respectively.

Moderna Inc.’s positive clinical trial updates weighed on the VIX as the Dow wrapped up the day at a new record high.

The Day Ahead

It’s a particularly quiet day ahead on the Eurozone economic calendar. There are no material stats due out of the Eurozone provide the majors with direction.

The lack of stats will leave the majors in the hands of Brexit, COVID-19, U.S politics, and stats from the U.S later today.

From the U.S, October retail sales and industrial production figures are due out along with business inventory and import and export price figures.

Expect the retail sales figures to have the greatest impact.

On the monetary policy front, ECB President Lagarde is scheduled to speak at the close. Barring any details on the ECB’s monetary policy plans for next month, however, there’s unlikely to be too much interest.

The Futures

In the futures markets, at the time of writing, the Dow was down by 35 points, with the DAX30 down by 45 points.

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

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