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Bob Mason
Abstract financial background

Economic Calendar:

Thursday, 25th February

GfK German Consumer Climate (Mar)

Friday, 26th February

French Consumer Spending (MoM) (Jan)

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75% of retail CFD investors lose money

French GDP (QoQ) (Q4) 2nd Estimate

Spanish HICP (YoY) (Feb) Prelim

Spanish CPI (YoY) (Feb) Prelim


The Majors

It was a bullish day for the European majors on Wednesday. The DAX30 rose by 0.80%, with the CAC40 and the EuroStoxx600 gaining 0.31% and 0.46% respectively.

Economic data from Germany delivered the majors with support mid-week. 4th quarter GDP estimates came in higher than first estimates, providing the upside.

The upside was relatively modest, however, with uncertainty over the economic outlook and concerns over inflation lingering.

The Stats

It was a relatively quiet day on the economic calendar on Wednesday. German 2nd estimate GDP numbers for the 4th quarter were in focus.

In the 4th quarter, the German economy grew by 0.3%, quarter-on-quarter. This was an upward revision to a 1st estimate growth of 0.1%. In the 3rd quarter, the German economy had expanded by 8.5%.

Year-on-year, the German economy contracted by 2.7%, revised up from a 1st estimate 2.9% contraction. In the 3rd quarter, the German economy had contracted by 3.9%.

From the U.S

It was also a relatively quiet day on the economic data front. New home sales figures for January were in focus late in the session.

The numbers had a muted impact on the European majors, however.

The Market Movers

For the DAX: It was a bullish day for the auto sector on Wednesday. BMW and Continental rose by 1.62% and by 1.43% respectively, with Volkswagen gaining 1.12%. Daimler ended the day up by a more modest 0.63%.

It was also a bullish day for the banks. Deutsche Bank and Commerzbank rallied by 2.91% and by 3.23% respectively.

From the CAC, it was a bullish day for the banks. BNP Paribas and Soc Gen rose by 1.46% and by 1.29% respectively, with Credit Agricole rallying by 2.64%.

It was also a bullish day for the French auto sector. Stellantis NV rallied by 2.61%, with Renault rising by 0.69%.

Air France-KLM surged by 5.33% on hopes of an easing to lockdown measures, with Airbus SE rallying by 3.81%.

On the VIX Index

It was a 2nd consecutive day in the red for the VIX on Wednesday, marking the 3rd daily loss in 7 sessions. Following on from a 1.45% decline on Tuesday, the VIX slid by 7.66% to end the day at 21.34.

The Dow and S&P500 ended the day up by 1.35% and by 1.14% respectively, with the NASDAQ rising by 0.99%.

The Day Ahead

It’s another relatively quiet day ahead on the European economic calendar. March consumer confidence figures for Germany are due out later this morning.

While service sector activity continues to struggle, a pickup in consumer confidence is going to be needed to support the economic recovery.

Following 2nd estimate GDP numbers from Germany on Wednesday, a pickup in household consumption is going to be needed. The recent optimism towards an easing of containment measures should limit the damage from any disappointing numbers.

From the U.S, it’s a busy session ahead. Key stats include core durable goods orders and weekly jobless claims figures. 2nd estimate GDP numbers for the 4th quarter are also due out. Expect any revisions to also influence.

The Futures

In the futures markets, at the time of writing, the Dow Mini was up by 9 points.

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

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