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Bob Mason

Economic Calendar:

Tuesday, 14th July

German CPI (MoM) (Jun) Final

Spanish CPI (YoY) (Jun) Final

Spanish HICP (YoY) (Jun) Final

German ZEW Current Conditions (Jul)

German ZEW Economic Sentiment (Jul)

Eurozone ZEW Economic Sentiment (Jul)

Eurozone Industrial Production (MoM) (May)

Wednesday, 15th July

Italian CPI (MoM) (Jun) Final

Thursday, 16th July

French CPI (MoM) (Jun) Final

French HICP (MoM) (Jun) Final

Eurozone Trade Balance (May)

Deposit Facility Rate (Jul)

ECB Interest Rate Decision (Jul)

ECB Press Conference

Friday, 17th July

Eurozone Core CPI (YoY) (Jun) Final

Eurozone CPI (MoM) (Jun) Final

Eurozone CPI (YoY) (Jun) Final


The Majors

It was a 2nd consecutive day in the green for the European majors on Monday. The CAC40 rallied by 1.73% to lead the way, with the DAX30 and EuroStoxx600 rising by 1.32% and 1.00% respectively.

While new COVID-19 cases were on the rise, optimism towards a COVID-19 vaccine and treatment drug supported the majors.

German biotech BioNTech and U.S pharma Pfizer announced that the U.S FDA had fast-tracked their experimental vaccines.

The Stats

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

From the U.S

It was also a quiet day on the U.S calendar, with no material stats to influence later in the day.

The Market Movers

For the DAX: It was a bearish day for the auto sector on Monday. BMW and Volkswagen fell by 1.55% and by 2.18% to lead the way down. Continental and Daimler saw more modest losses of 0.70% and 0.91% respectively.

It was a particularly bearish day for the banks. Deutsche Bank slid by 3.99%, with Commerzbank falling by 0.46%.

WIRECARD AG returned to the red, with a 5.38% slide.

From the CAC, it was another bullish day for the banks. BNP Paribas rose by 2.88%, with Credit Agricole and Soc Gen seeing gains of 1.06% and 1.78% respectively with

The French auto sector also found further support, with Peugeot and Renault gaining 3.60% and 1.72% respectively.

Air France-KLM and Airbus SE ended the day with gains of 1.84% and 3.67% respectively.

On the VIX Index

It was back into the green for the VIX on Monday. Reversing a 6.73% loss from Friday, the VIX jumped by 17.96% to end the day at 32.19.

Through the U.S session, news of a record-high number of new COVID-19 cases weighed on risk sentiment.

The S&P500 and NASDAQ fell by 0.94% and by 2.13% respectively, while the Dow eked out a 0.04% gain.

The Day Ahead

It’s a busier day ahead on the Eurozone economic calendar. Key stats include Germany and the Eurozone’s ZEW Economic Sentiment figures for July.

With COVID-19 continued to spread across the U.S and elsewhere, July’s figures will need to improve to support the majors.

Other stats include finalized inflation figures for June and the Eurozone’s industrial production figures for May. We would expect the numbers to have a relatively muted impact on the majors, however.

From the U.S

It’s a relatively quiet day on the economic calendar, with June’s inflation figures due out of the U.S.

We would expect the numbers to have a muted impact on the European majors, however.

The focus later in the day will be on U.S earnings and banks in particular. Citigroup, JPMorgan, and Wells Fargo are due to release quarterly earnings today…

Ahead of the European session, trade data from China will set the tone.

The Latest Coronavirus Figures

On Monday, the number of new coronavirus cases rose by 199,164 to 13,235,751. On Sunday, the number of new cases had risen by 194,475. The daily increase was higher than Sunday’s rise and 177,554 new cases from the previous Monday.

Germany, Italy, and Spain reported 2,700 new cases on Monday, which was up from 372 new cases on Sunday. On the previous Monday, 1,876 new cases had been reported.

From the U.S, the total number of cases rose by 65,488 to 3,479,483 on Monday. On Sunday, the total number of cases had increased by 58,349. On Monday, 6th July, a total of 45,706 new cases had been reported.

The Futures

In the futures markets, at the time of writing, the DAX was down by 216 points, while the Dow was up by 75 points.

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

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