Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Bob Mason

Economic Calendar:

Thursday, 19th November

ECB President Lagarde Speaks

Friday, 20th November

German PPI (MoM) (Oct)

Eurozone Consumer Confidence Flash


The Majors

It was a relatively bullish day for the European majors on Wednesday. The CAC40 and the DAX30 both saw gains of 0.52%, with the EuroStoxx600 gaining 0.44%.

The upside on the day came off the back of more positive COVID-19 vaccine news. Pfizer Inc. and BioNTech released their partnered final phase 3 clinical trial results and 2-months of safety data needed to obtain FDA approval.

Following Moderna Inc.’s impressive figures, Pfizer Inc. announced a 95% efficacy rate, aligned with that of Moderna Inc.

While the vaccine news was positive, new cases continued to surge as the winter months hit. With the vaccine likely to take time to become widely available, the upside on the day was therefore somewhat muted.

The Stats

It was a relatively quiet day on the Eurozone economic calendar. Finalized October inflation figures for the Eurozone were in focus.

The Eurozone’s core annual rate of inflation held steady at 0.2%, which was in line with prelim and forecasts. While consumer prices rose by 0.2%, revised up from a prelim 0.1%, consumer prices fell by 0.3% year-on-year.

In September, consumer prices had also fallen by 0.3%, year-on-year, while consumer prices had risen by 0.1% in the month.

The finalized numbers had a muted impact on the European majors, however, which remained focused on COVID-19 news.

From the U.S

It was a busier day on the economic calendar. Key stats included October building permit and housing start figures.

The stats had a muted impact on the majors, however, with the U.S housing sector continuing to perform amidst record-low mortgage rates.

The Market Movers

For the DAX: It was a mixed day for the auto sector on Wednesday. Daimler rallied by 1.81% to lead the way, with Continental and BMW rising by 0.65% and by 0.27% respectively. Volkswagen bucked the trend on the day, however, with a 0.01% loss.

It was also a mixed day for the banks. Deutsche Bank fell by 0.52%, while Commerzbank rose by 1.97%.

From the CAC, it was a mixed day for the banks, with BNP Paribas and Credit Agricole rising by 0.50% and by 1.16% respectively. Soc Gen bucked the trend, however, with a 0.50% loss.

It was also another bullish day for the French auto sector. Peugeot rose by 0.74%, with Renault rallying by 4.71%.

Air France-KLM closed out the day with a 1.93% gain, while Airbus SE slipped by 0.10%.

On the VIX Index

It was a 2nd consecutive day in the green for the VIX on Tuesday, marking just a 5th daily gain from fifteen. Following a 1.16% gain from Tuesday, the VIX rose by 4.98% to end the day at 23.84.

On Wednesday, the Dow and S&P500 both fell by 1.16%, with the NASDAQ ending the day down by 0.82%.

While positive vaccine updates from Pfizer Inc. and BioNTech provided support, a roll-out of fresh containment measures weighed. In New York City, schools were closed this week in a bid to curb the continued spread of the virus.

The Day Ahead

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

From the U.S, Philly FED Manufacturing and the all-important weekly jobless claims figures will influence late in the session.

On the monetary policy front, ECB President Lagarde is scheduled to speak. Any forward guidance on monetary policy will draw interest.

Away from the economic calendar, expect COVID-19 to remain the main area of focus, however. With the Brexit deadline today, any updates from the virtual Brussels EU Summit will also influence. Fisheries remains a key hurdle in spite of numerous rounds of talks.

There have also been reports of budget and COVID-19 Relief Fund disagreement within the EU, which could test support.

The Futures

In the futures markets, at the time of writing, the Dow was down by 17 points, with the DAX down by 102 points.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.