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Economic Calendar

Thursday, 17th June

Eurozone Core CPI (YoY) (May) Final

Eurozone CPI (MoM) (May) Final

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Eurozone CPI (YoY) (May) Final

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The Majors

It was a mixed day for the European majors on Wednesday,

The CAC40 rose by 0.20%, with the EuroStoxx600 rising by 0.23% to extend its winning streak to 9 sessions. Bucking the trend on the day was the DAX30, however, which slipped by 0.12%.

Market optimism and ECB assurances continued to deliver ahead of the post European close FOMC policy decision and projections.

Economic data from the Eurozone was on the lighter side, with wage growth figures doing little to distract the markets.

From China, weaker than expected data also failed to sink the majors on the day.

In May, industrial production rose by 8.8% year-on-year, which was down from a 9.8% increase in April. Retail sales rose by 12.4%, which was down from a 17.7% rise in April. Fixed asset investment figures also disappointed, rising by 15.4%. In April, fixed asset investments had been up by 19.9% year-on-year.

The Stats

It was a quiet day on the economic calendar, with stats limited to wage growth figures for the Eurozone.

In the 1st quarter, wages grew by 2.20% year-on-year, which was down from 3.5% in the 4th quarter of last year.

From the U.S

Economic data included housing sector and import and export price figures.

With the markets looking ahead to the FOMC monetary policy decision and press conference, however, the stats had a muted impact on the majors.

Overnight the FED delivered a more hawkish than anticipated set of projections, which weighed on the U.S majors.

There was a shift in the interest rate outlook, with some members seeing rates beginning to rise as soon as next year. A greater number of Committee members also saw a more aggressive move on interest rates in 2023.

On the tapering front, initial discussions had also been held in the meeting and would continue in the months ahead.

The Market Movers

For the DAX: It was a bearish day for the auto sector on Wednesday. Continental and BMW ending the day down by 1.50% and by 1.37% respectively. Daimler and Volkswagen saw more modest losses of 0.77% and 0.87% respectively.

It was also a bearish day for the banks. Deutsche Bank fell by 1.59%, with Commerzbank sliding by 2.46%

From the CAC, it was a bearish day for the banks. BNP Paribas and Credit Agricole fell by 1.29% and by 1.64% respectively. Soc Gen led the way down, however, sliding by 2.40%.

It was a relatively bullish day for the French auto sector. Stellantis NV eked out a 0.01% gain, with Renault rising by 1.31%.

Air France-KLM and Airbus SE rose by 0.81% and by 0.80% respectively.

On the VIX Index

It was a 3rd consecutive day in the green for the VIX on Wednesday.

Following a 3.84% gain on Tuesday, the VIX rose by 6.64% to end the day at 18.15.

The NASDAQ slipped by 0.24%, with the Dow and the S&P500 ending the day down by 0.77% and by 0.54% respectively.

The Day Ahead

It’s another quiet day ahead on the European economic data front.

Finalized Eurozone inflation figures for May are due out later this morning.

Barring a marked upward revision from prelim numbers, the stats should have a muted impact on the majors.

Going into the European open, the markets will be responding to the FOMC monetary policy decision, press conference, projections from overnight.

Later in the day, weekly jobless claims and Philly FED Manufacturing numbers will also draw interest.

The Futures

 

In the futures markets, at the time of writing, the Dow Mini was down by 59 points.

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

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