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Bob Mason
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Economic Calendar:

Tuesday, 19th January

German CPI (MoM) (Dec) Final

German ZEW Current Conditions (Jan)

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German ZEW Economic Sentiment (Jan)

Eurozone ZEW Economic Sentiment (Jan)

Wednesday, 20th January

German PPI (MoM) (Dec)

Eurozone Core CPI (YoY) (Dec) Final

Eurozone CPI (MoM) (Dec) Final

Eurozone CPI (YoY) (Dec) Final

Thursday, 21st January

ECB Interest Rate Decision (Jan)

ECB Press Conference

Friday, 22nd January

French Manufacturing PMI (Jan) Prelim

French Services PMI (Jan) Prelim

German Manufacturing PMI (Jan) Prelim

German Services PMI (Jan) Prelim

Eurozone Manufacturing PMI (Jan) Prelim

Eurozone Markit Composite PMI (Jan) Prelim

Eurozone Services PMI (Jan) Prelim

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The Majors

It was a relatively bullish start to the week for the European majors on Monday. The DAX30 rose by 0.44%, with the EuroStoxx600 and CAC40 seeing gains of 0.20% and 0.10% respectively.

Economic data from China had failed to support the majors going into the open in spite of solid GDP numbers for Q4.

Concerns over the Eurozone’s economic outlook had overshadowed the numbers. A continued rise in new COVID-10 cases and vaccination supply issues tested support.

Ultimately, however, luxury, bank, and auto stocks were amongst the front runners, delivering the upside on the day.

While concerns over the economic outlook were evident, China’s continued economic recovery provided some optimism on the day.

The Stats

It was a quiet day on the economic calendar. Economic data was limited to finalized December inflation figures for Italy.

In December, consumer prices rose by 0.2%, coming up short of a prelim 0.3% rise while reversing a 0.1% decline from November.

From the U.S

There were no material from the U.S to provide directions, with the U.S markets closed on Monday.

The Market Movers

For the DAX: It was a bullish day for the auto sector on Monday. Continental and Daimler rose by 1.02% and by 0.95% respectively.  BMW and Volkswagen saw more modest gains of 0.32% and 0.08% respectively.

It was also a bullish day for the banks. Deutsche Bank rose by 0.60%, with Commerzbank rallying by 1.98%.

From the CAC, it was a bullish day for the banks. Credit Agricole ended the day up by 1.03%, with BNP Paribas and Soc Gen rising by 0.83% and by 0.38% respectively.

It was a mixed day for the French auto sector, however. Peugeot ended the day flat, while Renault rose by 1.64%.

Air France-KLM and Airbus SE fell by 1.06% and by 1.47% respectively.

Carrefour led the day down, however, sliding by 6.92% following the French government’s intervention in the Couche-Tard takeover bid.

On the VIX Index

The U.S markets were closed on Monday.

The Day Ahead

It’s a relatively quiet day ahead on the economic calendar. Germany and the Eurozone’s ZEW Economic Sentiment figures for January are in focus in the early part of the day.

Expect Germany’s sentiment figures to have the greatest influence on the European majors.

Finalized December inflation figures for Germany are also due out but will likely have a muted impact on the majors.

From the U.S, there are no material stats to provide direction late in the European session.

The lack of stats from the U.S will leave COVID-19 news updates as a key driver later in the day.

The Futures

In the futures markets, at the time of writing, the Dow Mini was up by 47 points.

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

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