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Economic Calendar:

Monday, 28th September

ECB President Lagarde Speaks

Tuesday, 29th September

Spanish HICP (YoY) September Prelim

Spanish HICP (YoY) September Prelim

Eurozone Economic Sentiment

German CPI (MoM) September Prelim

Wednesday, 30th September

German Retail Sales (MoM) (Aug)

French Consumer Spending (MoM) (Aug)

French CPI (MoM) September Prelim

French HICP (MoM) September Prelim

ECB President Lagarde Speaks

German Unemployment Change (Sep)

German Unemployment Rate (Sep)

Italian CPI (MoM) September Prelim

Eurozone Core CPI (YoY) September Prelim

Eurozone CPI (YoY) September Prelim

Thursday, 1st October

Spanish Manufacturing PMI (Sep)

Italian Manufacturing PMI (Sep)

French Manufacturing PMI (Sep) Final

German Manufacturing PMI (Sep) Final

Eurozone Manufacturing PMI (Sep) Final

Eurozone Unemployment Rate (Aug)


The Majors

It was a bearish end to the week for the European majors on Friday, with the DAX30 falling by 1.09% to lead the way down. The CAC40 and EuroStoxx600 saw more modest losses of 0.69% and 0.10% respectively.

Market concerns over the economic recovery and the latest spike in new COVID-19 cases weighed on the majors.

There were no stats from the Eurozone to shift sentiment following a mixed set of PMI numbers from Thursday.

From the U.S, disappointing economic data didn’t help late in the European session.

The Stats

It was a quiet day on the Eurozone economic calendar. There were no material stats from the Eurozone to provide direction on Friday.

From the U.S

Durable goods and core durable goods orders were in focus late in the European session.

In August, durable goods orders rose by 0.4%, with core durable goods orders also rising by 0.4%. Economists had forecast increases of 1.5% and 1.2% respectively.

The Market Movers

For the DAX: It was a mixed day for the auto sector on Friday. Continental rose by 0.40% to buck the trend on the day. BMW and Volkswagen slid by 1.40% and by 1.64% respectively, while Daimler saw a more modest 0.10% loss.

It was a bearish day for the bank, however. Deutsche Bank fell by 1.15%, with Commerzbank ended the day down by 2.15%.

From the CAC, bank stocks saw yet more declines. BNP Paribas and Credit Agricole fell by 2.92% and by 3.48% respectively. Soc Gen wasn’t far behind, ending the down by 2.75%.

It was also another bearish day for the French auto sector. Peugeot and Renault fell by 1.62% and by 2.35% respectively.

Air France-KLM followed a 6.77% slide on Thursday with a 1.92% loss, while Airbus SE ended the day with a 0.62% gain.

On the VIX Index

The VIX slid by 7.47% on Friday. Following on from a 0.24% fall on Thursday, the VIX ended the day at 26.38.

Hopes of further fiscal policy from the U.S government supported the U.S majors at the end of the week.

The Dow and S&P500 rose by 1.34% and by 1.60% respectively, with the NASDAQ ending the day up by 2.26%

The Day Ahead

It’s a particularly quiet day ahead on the Eurozone economic calendar. There are no material stats to provide the European majors with direction.

While there are no stats, ECB President Lagarde is scheduled to speak. Expect any forward guidance on monetary policy to influence.

A lack of stats, however, from the Eurozone or the U.S will leave the majors in the hands of COVID-19 and geopolitics.

As September comes to a rapid end, Brexit will likely garner plenty of interest. A continued rise in new COVID-19 cases will also be a test, particularly if there is any talk of reintroducing new containment measures.

Through the early part of the day, the futures pointed to a bullish open, however, as investors look to take advantage of last week’s pullback.

The Futures

In the futures markets, at the time of writing, the Dow was up by 131 points, with the DAX up by 175 points.

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

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