European Equities: Economic Data, ECB President Lagarde, and Corporate Earnings in FocusEconomic data from the Eurozone and ECB President Lagarde will influence today, with corporate earnings from the U.S also in focus.
Wednesday, 14th April
Spanish CPI (YoY) (Mar) Final
Spanish HICP (YoY) (Mar) Final
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Eurozone Industrial Production (MoM) (Feb)
Thursday, 15th April
German CPI (MoM) (Mar) Final
French CPI (MoM) (Mar) Final
French HICP (MoM) (Mar) Final
Italian CPI (MoM) (Mar) Final
Friday, 16th April
Eurozone Core CPI (YoY) (Mar) Final
Eurozone CPI (YoY) (Mar) Final
Eurozone CPI (MoM) (Mar) Final
Eurozone Trade Balance (Feb)
It was a relatively bullish day for the European majors on Tuesday.
The CAC40 rose by 0.36%, with the DAX30 and the EuroStoxx600 gaining 0.13% and 0.12% respectively.
Impressive trade data from China delivered support to riskier assets, while a pickup in U.S inflationary pressures failed to weigh on the majors.
Assurances from the FED of low for longer left the markets desensitized on the day.
Economic data from the Eurozone pegged the majors back, however, as economic sentiment across Germany and the Eurozone waned in April.
It was another relatively quiet day on the economic calendar on Tuesday.
ZEW Economic Sentiment figures for Germany and the Eurozone were in focus early in the European session.
In April, Germany’s ZEW Economic Sentiment Indicator fell from 76.6 to 70.7. Economists had forecast a rise to 79.0. The Current Conditions indicator rose from -61.0 to -48.8. Economist had forecast an increase to -53.0.
For the Eurozone, the Economic Sentiment Indicator fell from 74.0 to 66.3.
From the U.S
It was a relatively busy day, with inflation figures in focus.
In March, the annual rate of core inflation ticked up from 1.3% to 1.6%, coming in ahead of a forecasted 1.5%.
Month-on-month, core consumer prices increased by 0.3%, following a 0.1% rise in February. Economists had forecast a 0.2% increase.
Consumer prices increased by 0.6%, following a 0.4% rise in February. Economists had forecast a 0.5% increase.
Earlier in the day, trade data from China had set the tone ahead of the European open.
In March, China’s USD trade surplus widened from $103.25bn to $116.35bn. Economists had forecast a narrowing to $52.05bn.
Exports increased by 49.0%, following a 60.6% surge in February, with imports rising by 38.1%. In February, imports had risen by 22.2%.
Economists had forecast exports to increase by 35.5% and imports to rise by 23.3%.
The Market Movers
For the DAX: It was another mixed day for the auto sector on Tuesday. Continental rose by 1.53% to buck the trend on the day. Volkswagen slid by 1.00%, with BMW and Daimler falling by 0.46% and by 0.55% respectively.
It was a bearish day for the banks, however. Deutsche Bank declined by 1.06%, with Commerzbank ending the day down by 1.59%.
From the CAC, it was another mixed day for the banks. BNP Paribas rose by 0.43%, while Credit Agricole and Soc Gen ended the day with modest losses of 0.08% and 0.05% respectively.
It was also a mixed day for the French auto sector. Stellantis NV rose by 1.39%, while Renault fell by 1.83%.
Air France-KLM took the biggest hit, however, sliding by 5.04%, with Airbus SE ending the day down by 1.50%. Talk of the French government planning to ban domestic flights delivered the downside for Air France-KLM.
On the VIX Index
It was back into the red the VIX on Tuesday, marking a 4th daily loss in 5-sessions.
Reversing a 1.32% rise from Tuesday, the VIX fell by 1.54% to end the day at 16.65.
The NASDAQ and the S&P500 rose by 1.05% and by 0.33% respectively, while the Dow fell by 0.20%.
The Day Ahead
It’s a relatively quiet day ahead on the European economic calendar. Eurozone industrial production figures for February are due out later today.
Finalized March inflation figures from Spain are also due out but will likely have a muted impact on the European majors.
From the U.S, import and export price figures are due out that should also have a muted impact on the European boerses.
On the monetary policy front, ECB President Lagarde is scheduled to speak later in the day. Expect any chatter on the economy or monetary policy to influence.
From the FED, FED Chair Powell is also scheduled to speak but after the European close.
On the day, corporate earnings will also be in focus. The U.S banking sector will be in the spotlight, with Goldman Sachs, JPMorgan Chase, and Wells Fargo announcing results later in the day.
In the futures markets, at the time of writing, the Dow Mini was down by 32 points, while the DAX was up by 11 points.
For a look at all of today’s economic events, check out our economic calendar.