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German industrial production (MoM) (June)
German Industry Balance (June)
French non-agricultural payment (quarterly) (T2)
It’s a bearish day for the biggest Europeans on Thursday. The CAC40 fell 0.98% to lead the way, with the DAX30 and EuroStoxx600 falling by 0.54% and 0.73% respectively.
Corporate earnings and economic knowledge were at the heart of concerns, as were updates to the U.S. COVID-19 stimulus package.
On Capitol Hill, lawmakers failed to agree on the COVID-19 stimulus plan.
Economic knowledge and corporate effects failed to deliver a third consecutive day in green for the CAC40.
It’s a quieter day in the eurozone’s economic calendar. Key statistics include Factory Orders in June and July Structure PMI Figures for Germany.
Factory orders increased by 27.9% in June, following a 10.4% increase in May. Economists had predicted an accumulation of 10.1%.
According to Destatis,
Domestic orders increased by 35.3%, while foreign orders increased by 22%.
New orders for the euro increased by 22.3%, and new orders from other countries increased by 21.7%.
Intermediate goods manufacturers saw a 10.6% increase in new orders, while capital goods brands saw a 45.7% increase in new orders.
Consumer goods brands saw the accumulation of new orders through a modest 1.1%
For the automotive industry, a 66.5% build-up on new orders left new orders for 12.2% until February.
Germany’s PMI rose from 41.3 to 47.1 in July.
Economic knowledge included the highest numbers of weekly unemployment applications.
In the week ending July 31, initial unemployment claims 1,186,000, up from 1,434,000 last week. Economists had predicted 1,415,000 requests for initial tasks.
For the DAX: it’s a combined day for the automotive industry on Thursday. BMW and Continental fell 0.96% and 1.39% respectively, following Wednesday’s fall. Daimler and Volkswagen recovered from losses to end the day with a hike of 0.89% and 0.39% respectively.
It’s a combined day for the banks. Deutsche Bank fell 1.49%, while Commerzbank rose 0.82%.
On the CAC side, it’s a bearish day for banks. Crédit Agricole and Soc Gen fell 1.08% and 1.29% respectively. BNP Paribas recorded a more modest loss of 0.31% on the day.
It is also a bearish day for the French automotive sector. Peugeot and Renault fell 1.94% and 2.07% respectively.
However, Air France-KLM and Airbus SE resisted the trend, with gains of 1.87% and 0.53% respectively.
It’s a fifth day in a row in red numbers for the VIX on Thursday. After a 3.24% loss on Wednesday, the VIX fell 1.48% to finish the day at 22.65.
While lawmakers have failed to reach an agreement, the better-than-expected unemployment figures have provided support.
Technology stocks also rose once again, providing another record for the NASDAQ. Travel stocks have also found that they are much needed as the United States lifted travel bans in several countries.
The S-P500 and Dow rose 0.64% and 0.68% respectively, while the NASDAQ gained 1.00%.
It’s a busy day in the euro area economic calendar. Commercial production and industry knowledge from Germany by June is expected to be published later this morning.
Later in the day, French non-farm payroll figures are expected for the quarter of the moment.
Expect commercial production figures to have the greatest effect on the day.
While we expect numbers to influence, corporate profits will also influence U.S. economic knowledge. And the Oval Office talk.
Before the European opening, knowledge of the July industry in China will set the tone.
We’ve got a busy day ahead of us. Key statistics come with July non-agricultural payment reports and the unemployment rate.
After Thursday’s call for unemployment figures, expect today’s statistics to influence the end of the session.
In futures markets, at the time of writing, the DAX rose 16.5 points, while the Dow dropped 47 points.
For a review of all of today’s economic events, check out our economic calendar.
This article was originally published on FX Empire
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