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Bob Mason
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Economic Calendar:

Wednesday, 7th April

Spanish Services PMI (Mar)

Italian Services PMI (Mar)

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French Services PMI (Mar) Final

German Services PMI (Mar) Final

Eurozone Markit Composite PMI (Mar) Final

Eurozone Services PMI (Mar) Final

Thursday, 8th April

German Factory Orders (MoM) (Feb)

German IHS Markit Construction PMI (Mar)

Friday, 9th April

German Industrial Production (MoM) (Feb)

German Trade Balance (Feb)

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The Majors

It was a bullish start to the week for the European majors on Tuesday, which visited record highs after the holidays.

The DAX30 and the EuroStoxx600 each rose by 0.70% respectively, with the CAC40 gaining 0.48%. It had been a particularly bullish start to the day before the majors eased back from their record highs on the day.

Impressive economic data from the U.S had delivered early support to the European majors, which were playing catch up. The European boerses had been closed on Friday and Monday.

The Stats

It was a quiet day on the economic calendar on Tuesday. Eurozone unemployment figures for February were in focus on the day.

In the month of February, the Eurozone’s unemployment rate held steady at 8.3%. January’s unemployment rate was revised up from 8.1% to 8.3%. Economists had forecast an unemployment rate of 8.1%.

According to Eurostat,

  • While unchanged from January 2021, the unemployment rate was up from a February 2020 7.3%.
  • Eurostat estimated that 13.571m people were unemployed in the euro area in February, rising by 48,000 from January.
  • Compared with February 2020, unemployment rose by 1.507m in the euro area.

From the U.S

It was a quieter day on the economic calendar, with economic data limited to JOLTs job openings.

In February, openings rose from an upwardly revised 7.099m to 7.367m. Economists had forecasts opening to come in at 6.995m.

Following impressive nonfarm payroll figures for March, however, the stats had a muted impact on the majors.

Ahead of the European Open

Private sector PMI figures from China impressed.

In March, the Caixin services PMI increased from 51.5 to 54.3, countering the slower growth reported across the manufacturing sector.

China’s stats had added to the upside for the European majors going into the open.

The Market Movers

For the DAX: It was a mixed day for the auto sector on Tuesday. Daimler fell by 0.29% to buck the trend, while Volkswagen rallied by 2.23%. BMW and Continental ended the day with relatively modest gains of 0.61% and 0.28% respectively.

It was also a mixed day for the banks. Deutsche Bank rose by 0.51%, while Commerzbank slipped by 0.29%.

From the CAC, it was a mixed day for the banks. BNP Paribas and Soc Gen fell by 0.38% and by 0.13% respectively, while Credit Agricole eked out a 0.03% gain.

It was also a bullish day for the French auto sector, however. Stellantis NV rose by 1.18%, with Renault gaining 0.61%.

Air France-KLM and Airbus SE also found support, ending the day with gains of 1.64% and 0.28% respectively.

On the VIX Index

It was a 2nd consecutive day in the green for the VIX on Tuesday.

Following on from a 3.35% gain on Monday, the VIX rose by 1.17% to end the day at 18.12.

The NASDAQ and the S&P500 slipped by 0.05% and by 0.10% respectively, with the Dow falling by 0.29%.

The Day Ahead

It’s a busy day ahead on the European economic calendar. Service sector PMIs for Italy and Spain are due out later this morning.

Finalized service and composite PMIs for France, Germany, and the Eurozone will also be in focus.

Barring a marked deviation from prelims, expect Italy and the Eurozone’s PMIs to garner the greatest interest.

From the U.S, it’s a quiet day on the economic calendar, with trade data for February due out.

We don’t expect the numbers to have a material impact on the European majors, however.

Away from the stats, expect news updates on COVID-19 to continue to be an area of focus.

The Futures

In the futures markets, at the time of writing, the Dow Mini was up by 30 points.

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

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