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German time GfK (September)
French Expenditure (MoM) (July)
French GDP (quarterly) (second quarter) final
After a flat Tuesday, Wednesday is a bullish day for the biggest Europeans. The DAX30 and EuroStoxx600 rose 0.98% and 0.91% respectively, while the CAC30 gained 0.80%.
Once again, markets have governed the most recent COVID-19 figures in Europe, with the government’s budget plans leading the big ones.
News from the German government that extends its COVID-19 positive relief program for the riskiesr assets of the day.
From France, Prime Minister Castex announced the government’s goal of implementing its own aid program next month. This has also been for higher-risk assets.
On the geopolitical threat front, updates to industry talks between the United States and China added more support, as did news about the COVID-19 vaccine.
It was a busy day in the economic calendar of the euro area. Key statistics come with the confidence of the French client and the total number of task finders.
In August, confidence remained strong in August, with the confidence index unchanged at 94.
According to INSEE,
The percentage of families who felt that the right time to make a primary purchase decreased by four numbers compared to July. The August balance remained below its long-term average.
Households’ outlook for their value beyond monetary is 1 percentage point, remaining above their long-term average.
The balance similar to its long-term monetary scenario remained unchanged and below its long-term average.
Households’ balance of opinion on their expected savings capacity fell through four percentage points, while remaining well above their long-term average. In August, households’ assessment of their existing savings capacity was reduced by two percentage points.
Both remained above their long-term average.
The percentage of families who feel it’s the right time to save is more than 1. The balance remained above its long-term average.
Employment situations took a step forward in the summer, and task seekers in general expanded from 3,964.7k to 3,792.5k.
It was also a busy day on the economic calendar. The main statistics were of durable goods in July and the main orders for durable goods.
After a 4.0% build-up in June, orders for key durable goods increased to 2.4% in July. Economists had forecast a 2.0% increase.
Orders for durable goods increased by 11.2%, following a 7.7% increase in June. Economists had predicted a 4.3% build-up.
For the DAX: It’s a bullish day for the automotive sector on Wednesday. BMW recovered 2.58% to lead the way. Continental, Daimler and Volkswagen recorded more modest profits of 1.40%, 1.39% and 1.58% respectively.
Another bullish day for the banks. Deutsche Bank and Commerzbank closed the day with earnings of 1.65% and 2.69% respectively.
On the CAC side, it’s a bullish day for banks. BNP Paribas rose 1.49% to lead the way, with Crédit Agricole and Soc Gen rising 0.81% and 0.75%, respectively.
However, it is another combined day for the French automotive sector. Peugeot rose 0.81%, while Renault fell 0.39%.
Air France-KLM fell by 0.73%, with Airbus SE ended the day down by 1.84%.
It was back into the green for the VIX, which ended a run of 3 consecutive days in the red. Reversing a 1.52% fall from Tuesday, the VIX rose by 5.63% to end the day at 23.27.
The S&P500 and NASDAQ rallied by 1.02% and by 1.73% respectively, with the Dow gaining 0.30% on the day.
Technology stocks moved again, more records for the NASDAQ and S-P500.
Positive updates to the U.S.-China industry negotiations and progress towards a COVID-19 vaccine have boosted rates.
Following Trump’s announcement to boost oxford University’s COVID-19 vaccine, Moderna delivered upbeat news on Wednesday. The company announced that its COVID-19 vaccine trial showed effective effects on elderly patients.
On the front lines of economic knowledge, July’s orders for durable goods and fundamental durable goods contributed to the day’s increase.
Despite new records for the NASDAQ and S-P500, the VIX advanced north of today’s Jackson Hole speeches.
While the largest are at record levels, many dangers remain. A prolonged testing era for an effective COVID-19 vaccine can jeopardize the economic recovery as winter approaches.
Tensions between the U.S. and China can also erupt at any time as Trump seeks to close the hole with Biden.
It’s a quiet day in the euro’s economic calendar. There are no key statistics of the euro’s dominance to guide large European companies.
The lack of stats will leave the majors in the hands of economic data from the U.S and speeches from the Jackson Hole Symposium. FED Chair Powell’s speech will be the keynote speech of the day.
U.S. economic knowledge includes the time estimate of GDP figures for the quarter of the moment and the weekly unemployment call for figures.
Markets will be in favour of an upward revision of GDP figures. More importantly, however, initial unemployment programs will have to fall back to degrees below 1 million.
Far from the economic calendar, geopolitics, Brexit and COVID-19 news will also want to be monitored.
In futures markets, at the time of writing, the Dow Jones dropped 20 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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