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German orders (MoM) (June)
IHS Markit Construction PMI (July)
German industrial production (MoM) (June)
German Industry Balance (June)
French non-agricultural payment (quarterly) (T2)
It’s a bullish day for the biggest Europeans on Wednesday. The CAC40 rose 0.90%, the DAX30 and EuroStoxx600 won 0.47% and 0.49% respectively.
Economic knowledge was on large companies, while corporate profits produced combined effects on the day.
It was a busy day in the euro’s economic calendar. Key statistics included the sectoral PMI in Italy and Spain and retail sales figures for euro domains. The 19Ps completed in July through France, Germany and the dominance of the euro also influenced.
Spain’s PMI rose from 50.2 to 51.9, and Italy’s PMI rose from 46.4 to 51.6. Economists had forecast PMI of 52.0 and 51.1 respectively.
Germany’s final PMI stood at 55.6, down from 56.7 June.
From France, the PMI reached 57.3, below an initial 57.8, below 50.7 in June.
The PMI of the euro domain stood at 54.7, which was revised downwards from 55.1. In June, the PMI was 48.3.
Positive figures from Spain and Italy led to an upward revision of the compound from 54.8 to 54.9. In June, PMI 48.5.
From the euro area, retail sales increased to 5.7% in June, below the expected accumulation of 5.9%. In May, retail sales increased by 20.3% revised.
Economic knowledge included the market’s preferred non-manufacturing ISM PMI and the final compound and Markit PMI.
In July, the non-manufacturing ISM PMI rose from 57.1 to 58.1, ahead of the forecast of 55.0. Markit’s final service PMI was revised upwards from 49.6 to 50.0.
For the DAX: it was a combined day for the automotive sector on Wednesday. Daimler and Volkswagen discovered the end of the day with profits of 1.05% and 0.09% respectively. BMW and Continental ended the day with losses of 3.20% and 2.01% respectively.
BMW’s fall came here in reaction to the disappointing effects of the second quarter and a reprocessing of its profit warning by 2020.
It’s a bullish day for the banks. Deutsche Bank rose 0.70% and Commerzbank by 4.87%.
The best-than-expected effects for the quarter took a step forward in Commerzbank that day.
On the CAC side, it’s a bearish day for banks. BNP Paribas and Soc Gen fell by 0.66% and 0.77% respectively. Crédit Agricole recorded a more modest loss of 0.02% on the day.
It’s another positive day for the French automotive industry. Peugeot rises 1.98%, Renault wins 2.34%
Air France-KLM and Airbus SE recorded 6.83% and 3.49% respectively.
It’s a fourth day in a row in red numbers for the VIX on Wednesday. After a 2.14% loss on Tuesday, the VIX fell 3.24% to finish the day at 22.99.
Market hopes for an imminent agreement on a momentary stimulus package and corporate profits have given the advantage.
The S-P500 and nasdaQ rose 0.64% and 0.52% respectively, while the Dow rose 1.39%.
It’s a quiet day ahead of the eurozone’s economic calendar. Orders from German factories for June will be delivered this morning.
While we expect the figures to influence corporate profits, U.S. economic knowledge. And the Capitol updates are probably the main drivers.
We have a quiet day ahead of us. Key statistics come with weekly figures for unemployment claims that expire later in the day.
After two consecutive weekly increases, markets will look for a decline in the week ending July 31.
Away from the economic calendar, Capitol Hill’s earnings and updates on the adoption of the COVID-19 stimulus package will continue to influence.
In futures markets, at the time of writing, the DAX dropped 64.5 points, while the Dow rose 36 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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