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Bob Mason

Economic Calendar:

Wednesday, 13th January

ECB President Lagarde Speaks

Eurozone Industrial Production (MoM) (Nov)

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Thursday, 14th January

ECB Monetary Policy Meeting Minutes

Friday, 15th January

French CPI (MoM) (Dec) Final

French HICP (MoM) (Dec) Final

Spanish CPI (YoY) (Dec) Final

Spanish HICP (YoY) (Dec) Final

Eurozone Trade Balance (Nov)


The Majors

It was a mixed day for the European majors on Tuesday, with the DAX30 and CAC40 falling by 0.08% and by 0.20% respectively. The EuroStoxx600 recovered from early losses to the back day up by 0.05%.

Concerns over the continued rise in new COVID-19 cases and low vaccination rates across the Eurozone pinned back the majors.

Hopes of an economic recovery were evident, however, with autos, banks, and travel stocks amongst the front runners.

The Stats

It was a particularly quiet day on the economic calendar. There were no material stats to provide the majors with direction on the day.

From the U.S

It was a quiet day on the economic calendar. JOLTs job openings for November were in focus late in the European session.

In November, JOLTs job openings fell from 6.632m to 6.527m. With the U.S struggling to bring the COVID-19 pandemic under control, however, the numbers had a muted impact on the European majors.

The Market Movers

For the DAX: It was a bullish day for the auto sector on Tuesday. Continental rallied by 3.19% to lead the way, with BMW and Daimler gaining 1.25% and 1.28% respectively. Volkswagen saw a more modest 0.10% rise on the day.

It was also a bullish day for the banks. Deutsche Bank rose by 1.00, with Commerzbank gaining 1.43%.

From the CAC, it was a bullish day for the banks. BNP Paribas and Soc Gen rose by 0.80% and by 0.57% respectively, with Credit Agricole gaining 1.28%.

It was also a bullish day for the French auto sector. Peugeot rallied by 3.13%, with Renault rising by 1.74%.

Air France-KLM rallied by 3.57%, with Airbus SE eking out a 0.20% gain.

On the VIX Index

It was back into the red for the VIX on Tuesday, marking a 7th day in the red from 9 sessions. Partially reversing an 11.69% gain from Monday, the VIX fell by 3.11% to end the day at 23.33.

With economic data limited to JOLTs job openings, the U.S equity markets avoided another day in the red. Support came in spite of lingering concerns over the continued rise in new COVID-19 cases.

While hopes of significant stimulus remained positive for riskier assets, there was also some apprehension ahead of earnings season.

The NASDAQ rose by 0.28%, with the Dow and the S&P500 ending the day with gains of 0.19% and by 0.04% respectively.

The Day Ahead

It’s a relatively quiet day ahead on the economic calendar. Industrial production figures for the Eurozone are due out in the early part of the session.

Following impressive figures from Germany last week and a pickup in Manufacturing sector activity, the numbers should have a limited impact on the majors.

From the U.S, inflation figures for December are due out. Barring particularly dire numbers, however, the stats should also have limited impact on the majors.

Progress towards Eurozone-wide vaccinations and hopes of more fiscal stimulus support from the U.S should leave the markets in forgiving mood.

On the monetary policy front, however, ECB President Lagarde could move the dial in a scheduled speech early in the session.

The Futures

In the futures markets, at the time of writing, the Dow Mini was down by 5 points.

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

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