Economic Calendar Monday, 24 th January French Manufacturing PMI (Jan) Prelim
French Services PMI (Jan) Prelim
German Manufacturing PMI (Jan) Prelim
German Services PMI (Jan) Prelim
Eurozone Manufacturing / Services PMI (Jan) Prelim
Eurozone Markit Composite PMI (Jan) Prelim
Tuesday, 25 th January German Ifo Business Climate Index (Jan)
Wednesday’ 26 th January France Jobseekers Total
Thursday, 27 th January GfK German Consumer Climate (Feb)
Friday, 28 th January French Consumer Spending (MoM) (Dec)
French GDP (QoQ) (Q4)
Spanish GDP (QoQ) (Q4)
German GDP (QoQ) (Q4)
German GDP (YoY) (Q4)
The Majors It was a bearish day for the European majors on Friday.The DAX slid by 1.94%, with the CAC40 and the EuroStoxx600 ending the day with losses of 1.75% and 1.84% respectively.
There were no major stats from the Eurozone or from the U.S to distract the markets ahead of the FED’s monetary policy decision this coming Wednesday.
A continued uptrend in consumer prices have forced the markets to price in a more aggressive rate path for this year.While tech stocks have borne the brunt of the sell-off, risk aversion has swept across the global financial markets.
The Stats There were no major stats from the Eurozone to consider on Friday.
From the U.S There were also no major stats from the U.S to provide the majors with direction later in the session.
The Market Movers For the DAX: It was a bearish day for the auto sector on Friday.Continental slid by 3.56% to lead the way down.
Daimler and Volkswagen fell by 1.73% and by 1.63% respectively, with BMW ending the day down by 1.31%.
It was also a bearish day for the banks.Deutsche Bank and Commerzbank ended the day down by 1.70 and by 1.83% respectively.
From the CAC , it was a bearish day for the banks.BNP Paribas slid by 2.60%, with Credit Agricole and Soc Gen falling by 1.53% and by 2.28% respectively.
The French auto sector had another bearish session.Stellantis NV slid by 3.54%, with Renault ending the day down by 1.60%.
Story continues Air France-KLM and Airbus SE fell by 1.38% and by 2.00% respectively.
On the VIX Index It was a fourth consecutive day in the green for the VIX on Thursday.
Following a 7.30% gain on Thursday, the VIX jumped by 12.74% to end the day at 28.85.
The NASDAQ slid by 2.72%, with the Dow and the S&P500 seeing losses of 1.30% and 1.89% respectively.
The Day Ahead It’s a busy day ahead on the Eurozone’s economic calendar .
Prelim private sector PMI figures for France, Germany, and the Eurozone are due out later today.With the ECB talking of the economic recovery moderating, weak numbers would add further stress on the majors.
Later in the day, private sector PMIs from the U.S will also draw attention.A pickup in service sector activity would give the FED further reason to make a move within the first quarter.
The Futures In the futures markets, at the time of writing, the Dow Mini was up by 103 points.
For a look at all of today’s economic events, check out our economic calendar .
This article was originally posted on FX Empire
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