European Equities: Corporate Earnings and U.S Economic Data in Focus
Wednesday, 26th October
German GfK Consumer Confidence (Nov)
Thursday, 27th October
Spanish HICP (YoY) (Oct) Prelim
German Unemployment Change (Oct)
German Unemployment Rate (Oct)
ECB Interest Rate Decision (Oct)
German CPI (MoM) (Oct) Prelim
ECB Press Conference
Friday, 29th October
French Consumer Spending (MoM) (Sep)
French GDP (QoQ) (Q3) 1st Estimate
German GDP (QoQ) (Q3) 1st Estimate
German GDP (YoY) (Q3) 1st Estimate
Spanish GDP (QoQ) (Q3) 1st Estimate
Italian CPI (MoM) (Oct) Prelim
Eurozone CPI y/y (Oct) Prelim
Eurozone GDP q/q (Q3) 1st Estimate
Eurozone GDP y/y (Q3) 1st Estimate
It was a mixed start to the week for the European majors on Monday.
The CAC40 fell by 0.31%, while the DAX30 and the EuroStoxx600 ended the day up by 0.36% and by 0.07% respectively.
Economic data was on the lighter side, with stats limited to business sentiment figures from Germany. Softer sentiment failed to pull the DAX30 into the red, however.
Autos and the banking sector delivered support on the day, with bank stocks on the rise off the back of rising bond yields.
Germany’s IFO Business Sentiment Index fell from 98.9 to 97.7 in October, versus a forecasted 97.9.
Weighing in October was a fall in the business expectations sub-index, which slid from 97.4 to 95.4.
By contrast, the current assessment sub-index saw a more modest decline from 100.4 to 100.1. Economists had forecast a decline to 99.4.
From the U.S
There were no major stats for the markets to consider late in the European session.
The Market Movers
For the DAX: It was a mixed day for the auto sector on Monday. Volkswagen surged by 4.88% to lead the way, with BMW rising by 2.29%. Daimler ended the day with a more modest 1.38% gain, while Continental fell by 0.96%
It was a bullish day for the banks, however. Deutsche Bank rose by 0.56%, with Commerzbank gaining 1.87%.
From the CAC, it was a bullish day for the banks. BNP Paribas rose by 0.87%, with Credit Agricole and Soc Gen ending the day up by 0.80% and 0.74% respectively.
It was a mixed day for the French auto sector. Stellantis NV rallied by 3.94%, while Renault fell by 0.56%.
Air France-KLM fell by 0.95%, with Airbus SE ending the day down by 1.55%.
On the VIX Index
It was back into the red for the VIX on Monday.
Partially reversing a 2.80% gain from Friday, the VIX fell by 1.23% to end the day at 15.24.
The NASDAQ rose by 0.90%, with the Dow and the S&P500 ending the day up by 0.18% and 0.47% respectively.
The Day Ahead
It’s a particularly quiet day ahead on the Eurozone’s economic calendar. There are no material stats due out of the Eurozone to provide the majors with direction.
From the U.S, consumer confidence figures will influence late in the European session, however.
Away from the economic calendar, corporate earnings and crude oil prices will continue to influence.
In the futures markets, at the time of writing, the Dow Mini was up by 22 points.
For a look at all of today’s economic events, check out our economic calendar.