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Economic Calendar:

Thursday, 28^th November 2019

• Spanish CPI (YoY) (Nov) Prelim

• Spanish HICP (YoY) (Nov) Prelim

• German CPI (MoM) (Nov) Prelim

Friday, 29^th November 2019

• German Retail Sales m/m (Oct)

• French Consumer Spending (MoM) (Oct)

• French CPI m/m (Oct) Prelim

• French HICP m/m (Oct) Prelim

• French GDP (QoQ) (Q3)

• German Unemployment Change (Nov)

• German Unemployment Rate (Nov)

• Italian CPI (MoM) (Nov) Prelim

• Eurozone CPI (YoY) (Nov) Prelim

• Eurozone Unemployment Rate (Oct)

The Majors

It was a mixed day once more for the European majors on Wednesday. The DAX30 and EuroStoxx600 rose by 0.38% and by 0.32%, while CAC40 slipped by 0.05% to buck the trend on the day.

Support for the majors continued to come from positive sentiment towards the U.S and China trade war. Trump’s comments from Tuesday continued to resonate across the broader markets on Wednesday. The U.S President had said that China and the U.S were close to securing a phase 1 trade agreement.

UK politics have yet to influence the European majors, with the Tories still ahead in the opinion polls, albeit with a narrower margin.

The Stats

It was a relatively quiet day on the Eurozone economic calendar on Wednesday. Key stats included jobseeker figures and consumer confidence numbers out of France.

According to Insee,

• The consumer confidence index rose from 104 to 106 in November, coming in ahead of a forecast of 103.

• Households’ opinion on their future financial situation rose by 2 points, with opinion towards their past financial situation rising by 1 point. Both continued to hold above their long-term averages.

• Households considering it a suitable time to make major purchases also rose by 1 point.

• Sentiment towards households considering it a suitable time to save fell by 1 point and remained below its long-term average.

• One negative, however, was a fall in sentiment towards employment over the next 12-months. The sub-index fell by 2 points to zero, well below a long-term average of 33.

Jobseeker total numbers had less influence on the day, with job seekers rising from 3,326.7k to 3,330.7k.

From the U.S, economic data failed to prop up the CAC40, in spite of an upward revision to 3^rd quarter GDP numbers.

According to 3^rd estimate figures, the economy grew by 2.1%, quarter-on-quarter, revised upwards from 1.9%.

Core durable goods orders and durable goods orders were also on the rise in October, with both up by 0.6%, month-on-month.

With inflationary pressures easing, according to the latest Core PCE Price Index figures for October, it was the perfect mix for riskier assets.