In This Article:
Economic Calendar:
Tuesday, 17th September
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German ZEW Current Conditions (Sep)
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German ZEW Economic Sentiment (Sep)
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Eurozone ZEW Economic Sentiment (Sep)
Wednesday, 18th September
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Eurozone Core CPI (YoY) (Aug) Final
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Eurozone CPI (YoY) (Aug) Final
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Eurozone CPI (MoM) (Aug)
Friday, 20th September
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German PPI (MoM) (Aug)
The Majors
For the DAX, a run of 8 consecutive days in the green came to an end on Monday. Weekend news of drone strikes on Saudi oil fields did the damage on Monday, with economic data out of China doing little to divert attention.
The U.S administration was quick to blame Iran for the attack raising tensions in the region.
On the day, the DAX30 fell by 0.71%, with the CAC40 and EuroStoxx600 declining by 0.94% and 0.58% respectively.
Earlier in the day, the Hang Seng and CSI had seen red, with unrest in HK and weak economic data out of China adding to the market angst.
The Stats
It was a relatively quiet day on the Eurozone economic calendar on Monday. Key stats were limited to finalized August inflation figures out of Italy.
According to istatis, consumer prices rose by 0.4% in August, month-on-month, which was softer than a prelim and forecast of 0.5%. Consumer prices had stayed flat in July.
The annual rate of inflation also came in at 0.4%, which was also softer than a prelim and forecast of 0.5%.
From the U.S, the NY Empire State Manufacturing Index slipped from 4.8 to 2.0. Economists had forecast a fall to 4.0.
According to the September survey,
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The new orders sub-index fell by 3.2 points to 3.5, with optimism sliding by 12 points to 13.7.
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On the positive front, however, was a rise in the index for the number of employees, which rose by 11.3 points to 9.7.
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Forward-looking indicators were not much better, with the new orders sub-index falling by 9.8 points to 21.9.
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In contrast to the current conditions sub-index, the employment sub-index fell by 9 points to 12.1.
In spite of the negative numbers, the stats had a muted impact on the European majors, which saw red from the open in response to the strikes on Saudi oil fields.
The Market Movers
From the DAX, the auto sector saw red to partially reverse solid gains from last week. Daimler and Continental led the way, falling by 1.03% and 1.27% respectively. Volkswagen and BMW saw more modest losses, both ending the day down by 0.09%.
It was also a bearish day for the banks. Deutsche Bank slid by 1.64%, while Commerzbank tumbled by 3.28%.
From the CAC, it was also a poor day for the banks. BNP Paribas led the way down, falling by 1.69%. Credit Agricole and Soc Gen weren’t far behind, declining by 1.09% and by 1.04% respectively. Things were not much better for the auto sector. Renault and Peugeot fell by 1.53% and 0.17% respectively.