wednesday 25e August
German Ifo Business Climate Index (August)
Thursday, 26e August
German consumer climate GfK (Sept.)
It was a mixed day for the European majors on Tuesday.
The DAX30 gained 0.33%, while the CAC40 and EuroStoxx600 lost 0.28% and 0.02% respectively.
Economic data was lighter, with the German economy once again in the center of attention. Better-than-expected German GDP figures provided the DAX with the necessary support to reverse the trend of the day.
For the broader market, however, the Fed’s uncertainty and concerns over the Delta variant continued to weigh down.
It was a quieter economic calendar throughout the European session, with German GDP figures in focus.
In the 2sd quarter, the German economy grew by 1.6%, quarter on quarter, recovering from 1st quarter decline of 1.8%. Economists were forecasting growth of 1.5%.
According to Destatis, the economy grew 9.8% year-on-year, compared to 9.6% forecast. In the 1st quarter, the economy contracted 3.3%.
The United States
The new home sales figures for July were the focus of attention, which had a moderate impact on the European majors.
For the DAX: It was a bullish day for the auto industry on Tuesday. Bmw and Volkswagen led the way, with gains of 2.04% and 2.11% respectively. Continental and Daimler ended the day up 1.71% and 1.25% respectively.
It was also a bullish day for the banks. German Bank and Commercial bank increased by 1.28% and 0.87% respectively.
From CAC, it was a relatively bullish day for the banks. BNP Paribas and Agricultural credit increased by 0.68% and 0.69% respectively, with Gen Soc gain of 0.59%.
It was also a relatively bullish day for the French automotive sector. Stellantis SA and Renault recorded modest gains of 0.26% and 0.90% respectively.
Air France-KLM jumped 5.58%, with Airbus SE up 1.56%.
On the VIX index
He was back in the green for the VIX on Tuesday, ending a two-day losing streak.
After falling 7.60% on Monday, the VIX rose 0.41% to end the day at 17.22.
The NASDAQ rose 0.52%, with the Dow Jones and S & P500 ending the day up 0.09% and 0.15% respectively.
The day to come
It’s another relatively busy day in the eurozone’s economic calendar. The German economy is once again the center of attention, with figures from the IFO Business Climate Index in the spotlight.
With business investment being a key element in economic recovery, the numbers will influence.
From the United States, durable goods orders and core durable goods orders for July will also provide guidance at the end of the day.
With the Jackson Hole Symposium quickly approaching, however, we can expect some caution …
In the futures markets, at the time of writing, the Dow Mini was up 3 points.
For an overview of all of today’s economic events, check out our economic calendar.
This article originally appeared on FX Empire