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European Equities: Service Sector PMIs and COVID-19 News in Focus
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It's a busy start to the week, with service sector PMIs in focus. With the latest spike in new COVID-19 cases, however, further news on the Delta variant will also influence.
In this article:
French Services PMI (Jun) Final
German Services PMI (Jun) Final
Eurozone Markit Composite PMI (Jun) Final
Eurozone Services PMI (Jun) Final
Tuesday, 6th July
German Factory Orders (MoM) (May)
German IHS Markit Construction PMI (Jun)
German ZEW Economic Sentiment / Current Conditions(Jul)
Eurozone Retail Sales (MoM) (May)
Eurozone ZEW Economic Sentiment (Jul)
Wednesday, 7th July
German Industrial Production (MoM) (May)
Thursday, 8th July
German Trade Balance (May)
The Majors
It was a mixed end to the week for the European majors on Friday.
The CAC40 slipped by 0.01%, while the DAX30 and the EuroStoxx600 rose 0.30% and by 0.26% respectively.
There were no major stats from the Eurozone to provide direction in the early part of the session. The lack of stats left the majors in the hands of U.S nonfarm payroll figures and news updates on the COVID-19 Delta variant.
From the U.S
The all-important nonfarm payrolls were in focus late in the European session.
In June, the government reported a 662k increase in nonfarm payrolls following a 516k rise in May.
In spite of the rise, the unemployment rate edged up from 5.8% to 5.9%.
Economists had forecast nonfarm payrolls to rise by 570k and for the unemployment rate to fall to 5.7%. The participation rate held steady at 61.6% versus a forecasted increase to 61.7%…
The Market Movers
For the DAX: It was a mixed day for the auto sector on Friday. BMW and Continental fell by 0.10% and by 0.57% respectively. Daimler and Volkswagen ended the day up by 0.38% and by 0.09% respectively.
It was a bearish day for the banks, however. Deutsche Bank and Commerzbank ended the day with losses of 1.21% and by 1.48% respectively.
From the CAC, it was a bearish day for the banks. BNP Paribas and Credit Agricole fell by 1.89% and by 1.13% respectively. Soc Gen led the way down, however, sliding by 2.45%.
It was also a bearish day for the French auto sector. Stellantis NV and Renault ended the day with losses of 0.02% and 0.28% respectively.
Air France-KLM rose by 0.27%, with Airbus SE rallying by 2.11%.
On the VIX Index
It was a 3rd consecutive day in the red for the VIX on Friday.
Following a 2.21% loss on Thursday, the VIX fell by 2.65% to end the day at 15.07.
The Dow rose by 0.44%, with the NASDAQ and the S&P500 ending the day with gains of 0.81% and by 0.75% respectively.
The Day Ahead
It’s a busy day ahead on the economic calendar.
Service sector PMIs for Italy and Spain are due out along with finalized PMIs for France, Germany, and the Eurozone.
With little else for the markets to consider, expect plenty of influence from the numbers. The ECB is looking towards consumption to fuel a speedier economic recovery in the 2nd half of the year…
Away from the economic calendar, COVID-19 news updates will also need monitoring on the day.
There are no stats from the U.S to consider, with the U.S markets closed at the start of the week.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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