European Equities: Eurozone GDP and U.S Retail Sales to Test the Majors

Economic data from China and the U.S did influence, however.

Key stats from China included industrial production, fixed asset investment, and retail sales. All three stats disappointed, leading the pullback on the day.

In July, industrial production was up 6.4% year-on-year, which was softer than and 8.3% increase in June. Retail sales rose by 8.5% compared with 12.1% in June. Fixed asset investment increased 10.3%, year-to-date, compared with 12.6% in June.

The Stats

There were no major stats from the Eurozone at the start of the week.

From the U.S

NY Empire State Manufacturing figures were in focus late in the European session.

In August, the NY Empire State Manufacturing Index slid from 43.0 to 18.3. Economists had forecast a fall to 29.0.

The Market Movers

For the DAX: It was a bearish day for the auto sector on Monday. BMW and Volkswagen slid by 1.91% and by 2.14% respectively, with Daimler falling by 1.78%. Continental saw a more modest 0.48% loss on the day.

It was also a bearish day for the banks. Deutsche Bank and Commerzbank ended the day down by 1.55% and by 2.90% respectively.

From the CAC, it was a bearish day for the banks. Soc Gen slid by 1.71%, with BNP Paribas and Credit Agricole ending the day down by 0.97% and 0.89% respectively.

It also a bearish day for the French auto sector. Stellantis NV and Renault fell by 1.44% and by 2.18% respectively.

Air France-KLM and Airbus SE ended the day with losses of 1.96% and 0.71% respectively.

On the VIX Index

It was back into the green for the VIX on Monday, ending a 3-day losing streak.

Reversing a 0.90% decline from Friday, the VIX rose by 4.34% to end the day at 16.12.

The Dow and the S&P500 saw gains of 0.31% and 0.26% respectively, while the NASDAQ ended the day down by 0.20%.

The Day Ahead

It’s a relatively quiet day ahead on the Eurozone’s economic calendar. 2^nd estimate GDP numbers for the Eurozone are due out along with 2^nd quarter employment change figures.

Expect any revisions to the 2^nd quarter GDP numbers to be of greater influence.

From the U.S, retail sales figures will also provide direction later in the European session.

The Futures

In the futures markets, at the time of writing, the Dow Mini was down by 37 points.

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