Yahoo Finance European Equities: Evergrande News and the FED to Test Support Once More…
Economic Calendar
Thursday, 23rd September
Spanish GDP (QoQ) (Q2)
French Manufacturing PMI (Sep) Prelim
French Services PMI (Sep) Prelim
German Manufacturing PMI (Sep) Prelim
German Services PMI (Sep) Prelim
Eurozone Manufacturing PMI (Sep) Prelim
Eurozone Markit Composite PMI (Sep) Prelim
Eurozone Services PMI (Sep) Prelim
Friday, 24th September
German Ifo Business Climate Index (Sep)
The Majors
It was a bullish day for the European majors on Tuesday.
The CAC40 rose by 1.50% to lead the way, with the DAX30 and the EuroStoxx600 ending the day up by 1.43% and by 1.00% respectively.
There were no major stats to change the mood from Monday’s session, leaving dip buyers to deliver support on the day.
For the majors, the upside came in spite of rating agency Standard & Poor’s stating that an Evergrande default was likely.
The Stats
It’s a was a particularly quiet day on the Eurozone economic calendar. There were no major stats to provide the majors with direction on the day.
From the U.S
Economic data was limited to August housing sector numbers that had a muted impact on market risk sentiment.
The Market Movers
For the DAX: It was a mixed day for the auto sector on Tuesday. BMW and Volkswagen rose by 1.14% and by 0.97%, respectively, with Continental ending the day up by 0.47%. Daimler bucked the trend, however, falling by 0.04%.
It was also a mixed day for the banks. Deutsche Bank fell by 1.32%, while Commerzbank rose by 1.19%.
From the CAC, it was a mixed day for the banks. Soc Gen and Credit Agricole fell by 0.33% and by 0.09% respectively, while BNP Paribas rose by 0.41%.
It was a relatively bullish day for the French auto sector, however. Stellantis NV and Renault ended the day up by 0.19% and by 0.20% respectively.
Air France-KLM and Airbus SE rose by 1.49% and by 1.20% respectively.
On the VIX Index
It was back into the red for the VIX on Tuesday, ending a 2-day winning streak.
Partially reversing a 23.55% surge from Monday, the VIX fell by 5.25% to end the day at 24.36.
On Tuesday, the NASDAQ rose by 0.22%, while the Dow and S&P500 ended the day down by 0.15% and by 0.08% respectively.
The Day Ahead
It’s yet another particularly quiet day ahead on the Eurozone’s economic calendar.
There are no major stats to provide the European majors with direction mid-week.
From the U.S there are also no major stats to consider later in the session, leaving the markets in limbo ahead of the FOMC policy decision and projections due out after the European close.
Updates on Evergrande will also be in focus going into the European open.
The Futures
In the futures markets, at the time of writing, the Dow Mini was down by 49 points.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
