European Equities: Italian Industrial Production Figures in FocusIt’s another quiet day ahead on the economic calendar. Italian industrial production figures will be in focus later this morning. COVID-19 remains a weight, however.
Thursday, 22nd July
Eurozone Business Confidence
ECB Interest Rate Decision
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ECB Press Conference
Eurozone Consumer Confidence Flash
Friday, 23rd July
French Markit Manufacturing PMI Flash
French Markit Services PMI Flash
German Markit Services PMI Flash
German Markit Manufacturing PMI Flash
Eurozone Markit Services PMI Flash
Eurozone Markit Manufacturing PMI Flash
It was relatively bullish day for the majors on Tuesday.
The CAC40 rose by 0.81%, with the DAX30 and the EuroStoxx600 ending the day up by 0.55 and by 0.52% respectively.
A quiet day on the economic calendar allowed investors to buy the dip following Monday’s rout.
The upside was modest, however, with concerns over the economic outlook pegging the majors back on the day.
Wholesale inflation figures for Germany were in focus going into the European open.
In June, Germany’s annual wholesale rate of inflation accelerated from 7.2% to 8.5%. Economists had forecast a pick up to 8.3%.
Month-on-month, the producer price index rose by 1.3% following a 1.5% increase in May. Economists had forecast a 1.0% rise.
From the U.S
Housing sector figures for June were in focus that had a muted impact on the European majors.
In June, building permits fell by 5.1% to 1.598m, while housing starts rose by 6.3% to 1.643m.
Housing starts had risen by 2.1% in May, with building permits having fallen by 2.9%.
The Market Movers
For the DAX: It was a bullish day for the auto sector on Tuesday. Volkswagen and Daimler rose by 1.80% and by 1.52% respectively. BMW and Continental saw more modest gains of 1.15% and by 1.21% respectively.
It was also a bullish day for the banks. Deutsche Bank and Commerzbank ended the day up by 1.63% and by 1.07% respectively.
From the CAC, it was a bullish day for the banks. BNP Paribas rose by 1.89%, with Soc Gen and Credit Agricole gaining 1.43% and 1.50% respectively.
It was also a bullish day for the French auto sector. Stellantis NV and Renault ended the day up by 0.25% and by 0.80% respectively.
Air France-KLM rose by a modest 0.34%, with Airbus SE rallying by 2.34%.
On the VIX Index
It was back into the red for the VIX on Tuesday, ending a run of 3 consecutive days in the green.
Partially reversing a 21.95% jump from Monday, the VIX fell by 12.31% to end the day at 19.73.
The Dow rose by 1.62%, with the NASDAQ and the S&P500 ending the day up by 1.57% and by 1.52% respectively.
The Day Ahead
It’s another quiet day ahead on the economic calendar, with no major stats due out of the Eurozone.
The lack of stats will give industrial production figures from Italy greater influence early in the European session.
From the U.S, there are no major stats to provide direction, however, leaving the majors to take direction from the U.S markets later in the session.
In the futures markets, at the time of writing, the Dow Mini was up by 51 points.
For a look at all of today’s economic events, check out our economic calendar.