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European Equities: Economic Data from the Eurozone and the U.S to Provide Direction
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German trade data and economic sentiment figures will be in focus ahead of wholesale inflation numbers from the U.S. Central bank chatter will also need monitoring...
In this article:
Economic Calendar
Tuesday, 9th November
German Trade Balance (Sep)
German ZEW Current Conditions / Economic Sentiment (Nov)
Eurozone ZEW Economic Sentiment (Nov)
Wednesday, 10th November
German CPI (MoM) (Oct) Final
Thursday, 11th November
ECB Economic Bulletin
ECB Forecasts
Friday, 12th November
French CPI m/m (Oct) Final
French HICP m/m (Oct) Final
Spanish CPI (YoY) (Oct) Final
Spanish HICP (YoY) (Oct) Final
Eurozone Industrial Production (MoM) (Sep)
The Majors
It was a mixed day for the European majors, with the DAX30 seeing its 6-day winning streak come to an end.
The DAX30 slipped by 0.05%, while the CAC40 and the EuroStoxx600 ended the day up by 0.10% and by 0.04% respectively. For the EuroStoxx600, it was yet another new record close, coming off the back of 8 consecutive days in the green.
There were no stats from the Eurozone to provide the majors with direction.
Trade data from China over the weekend did set the tone, however.
In October, China’s USD trade surplus widened from US$66.76bn to US$84.54bn. Economists had forecast a narrowing to US$65.55bn.
- Year-on-year, exports were up 27.7% versus a forecasted 24.5%. In September, exports had risen by 28.1%.
- Imports increased by 20.6%, versus a forecasted 25.0%. Imports had risen by 17.6% in September.
The better-than-expected numbers from China and the wrapping up of a U.S infrastructure bill added support.
The Stats
There were no major stats for the markets to consider on the day.
From the U.S
There were also no major stats from the U.S to provide direction late in the session.
The Market Movers
For the DAX: It was a mixed day for the auto sector on Monday. Volkswagen slid by 2.60% to lead the way down, with, BMW and Daimler falling by 0.41% and by 0.35% respectively. Continental bucked the trend, however, rising by 0.27%.
It was a bullish day for the banks. Deutsche Bank rose by 0.27%, with Commerzbank gaining 1.38%.
From the CAC, it was a bearish day for the banks. BNP Paribas and Credit Agricole both fell by 0.20% respectively, with Soc Gen down by 0.63%.
It was also a bearish day for the French auto sector. Stellantis NV and Renault ended the day with losses of 1.11% and 0.35% respectively.
Air France-KLM slipped by 0.58%, while Airbus SE rose by 1.53%.
On the VIX Index
It was a 3rd consecutive day in the green for the VIX on Monday.
Following a 6.74% gain on Friday, the VIX rose by 4.49% to end the day at 17.22.
The Dow rose by 0.29%, with the NASDAQ and the S&P500 ending the day up by 0.07% and by 0.09% respectively.
The Day Ahead
It’s a busy day ahead on the Eurozone’s economic calendar. German trade data will be in focus going into the European open.
Later in the day, ZEW Economic Sentiment figures for Germany and the Eurozone will provide direction, however.
From the U.S, wholesale inflation figures for October will also draw plenty of attention.
On the monetary policy front, ECB President Lagarde and FED Chair Powell are scheduled to deliver speeches. Expect any chatter on the economic outlook and monetary policy to influence.
Away from the economic calendar, corporate earnings will also remain a key driver.
The Futures
In the futures markets, at the time of writing, the Dow Mini was up by 72 points.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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