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Bob Mason

Economic Calendar:

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 particularly bullish day for the European majors on Monday. Bank shares led the way at the start of the week as investors looked for value following last week’s reversal.

News of Ping-An insurance announcing plans to increase its stake in HSBC drove HSBC and the broader sector northwards.

There were no material stats to spook the markets on the day.

The Stats

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

From the U.S

There were also no material stats to provide the European majors with direction late in the day.

While there were no stats, the Court’s ruling to block Trump’s ban of Tiktok was positive for the markets following last week’s sell-off.

The Market Movers

For the DAX: It was a bullish day for the auto sector on Monday. Continental and Daimler rallied by 3.02% and by 3.05% to lead the way. BMW and Volkswagen weren’t far behind, with gains of 2.65% and by 2.86% respectively.

It was a particularly bullish day for the bank. Deutsche Bank and Commerzbank rallied by 5.59% and by 5.60% respectively.

From the CAC, bank stocks found much-needed support. Credit Agricole rallied by 5.78%, with BNP Paribas and Soc Gen ending the day up by 5.19% and by 5.03% respectively.

It was also a bullish day for the French auto sector. Peugeot and Renault jumped by 4.28% and by 7.12% respectively.

Air France-KLM eked out a 0.64% gain after a string of heavy losses, while Airbus SE ended the day with a 2.86% gain.

On the VIX Index

It was a 3rd consecutive day in the red for the VIX on Monday. Following on from a 7.47% slide on Friday, the VIX fell by 0.72% to end the day at 26.19.

Progress towards a relief Bill on Capitol Hill provided support as investors looked to jump back in after last week’s declines.

The Dow and S&P500 rose by 1.51% and by 1.61% respectively, with the NASDAQ ending the day up by 1.87%

The Day Ahead

It’s a busier day ahead on the Eurozone economic calendar. Key stats include prelim September inflation figures from Germany and Spain and economic sentiment figures for the Eurozone.

Following negative sentiment towards August inflation figures, expect some market sensitivity to today’s numbers.

From the U.S, September consumer confidence figures will also draw attention.

Away from the economic calendar, the markets will need to keep an eye on the latest COVID-19 numbers. With Brexit talks set to resume today, any chatter from Brussels will also influence.

From the U.S, the markets will be looking for further progress on the relief Bill.

The Futures

In the futures markets, at the time of writing, the Dow was up by 85 points, with the DAX up by 42.5 points.

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

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