A calm economic calendar to further test the support

Thursday 23rd September

Spanish GDP (QoQ) (Q2)

French manufacturing PMI (sept.) Prélim

French Services PMI (Sept.) Prélim

German manufacturing PMI (sept.) Prelim.

German services PMI (sept.) Prélim.

Euro zone manufacturing PMI (sept.) Prelim.

Euro zone Markit Composite PMI (sept.) Prélim.

Eurozone Services PMI (Sept.) Prelim.

Friday 24e September

German Ifo Business Climate Index (September)


It was a particularly bearish start to the week for the European majors on Monday.

The DAX30 slipped 2.31% to lead the way, with the CAC40 and EuroStoxx600 posting losses of 1.74% and 1.67% respectively.

Today’s economic data was limited to wholesale inflation figures in Germany, which had a moderate impact on the majors.

The lack of statistics left markets with little to distract from Wednesday’s policy decision and FOMC projections.

After Friday’s pullback, declining buyers were left on the sidelines, with Fed policy uncertainty testing the support of the majors.

The Evergrande crisis, which raised fears of contagion in global financial markets, added to market angst that day.


It’s a calm day on the eurozone economic calendar. In August, Germany’s annual wholesale inflation rate fell from 10.4% to 12.0%. Economists had forecast an increase to 11.4%. On a monthly basis, the German producer price index rose 1.5%, after rising 1.9% in July. Economists had forecast a more modest increase of 0.8%.

The United States

It was also a particularly calm day on the economic calendar, with no major statistics for the markets to take into account.

Market movers

For the DAX: It was a bearish day for the auto sector on Monday. Continental tumbled 5.59% to lead the way, with Volkswagen sliding 3.89%. Bmw and Daimler were not far, however, with losses of 2.73% and 2.68% respectively.

It was also a bearish day for the banks. German Bank and Commercial bank collapsed 7.67% and 7.92% respectively.

From CAC, it was a bearish day for the banks. Gen Soc and BNP Paribas fell by 5.70% and 4.46% respectively, with Agricultural credit down 3.86%.

It was also a bearish day for the French automotive sector. Stellantis SA decreased by 4.47%, with Renault down 2.19%.

Air France-KLM reversed the trend with a 5.31% rebound, while Airbus SE fell 0.97%.

On the VIX index

It was a 3rd consecutive day in the green for the VIX Monday.

After surging 11.34% on Friday, the VIX jumped 23.55% to end the day at 25.71.

On Monday, the NASDAQ slipped 2.19%, with the Dow Jones and the S & P500 ending the day down 1.78% and 1.70% respectively.

The day to come

It’s another particularly calm day ahead for the eurozone economic calendar.

There are no major statistics to give direction to the European majors at the start of the week.

In the US, there are also no major statistics to consider later in the session, leaving markets in limbo ahead of Wednesday’s FOMC.


In the futures markets, at the time of writing, the Dow Mini was up 4 points.

For an overview of all of today’s economic events, check out our economic calendar.

This item was originally posted on FX Empire

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