Tuesday, 11th May 2021
German ZEW Current Conditions (May)
German ZEW Economic Sentiment (May)
Eurozone ZEW Economic Sentiment (May)
Wednesday, 12th May 2021
German CPI (MoM) (Apr) Final
French CPI (MoM) (Apr) Final
French HICP (MoM) (Apr) Final
Eurozone Industrial Production (MoM) (Mar)
Friday, 14th May 2021
Spanish CPI (YoY) (Apr) Final
Spanish HICP (YoY) (Apr) Final
It was a mixed start to the week for the European majors on Monday following gains from the previous week.
The EuroStoxx600 rose by 0.10% to a new record high, with the CAC40 ekeing out a 0.01% gain, while the DAX30 ended the day flat.
Economic data from the Eurozone were limited to Eurozone investor sentiment figures, which provide some early support.
The lack of stats left the majors in the hands of market sentiment towards the economic outlook.
Government plans to ease further containment measures and reopen borders for tourism continued to deliver support.
Investor confidence figures were in focus in the early part of the European session.
In May, the Sentix Investor Confidence Index surged from 13.1 to 21.0. Economists had forecast a modest increase to 14.0.
From the U.S
There were no material stats from the U.S to provide the majors with direction late in the session.
The Market Movers
For the DAX: It was a mixed day for the auto sector on Monday. BMW led the way, rising by 1.07%, with Daimler ending the day up by 0.11%. Continental and Volkswagen fell by 0.73% and by 0.09% respectively, however.
It was also a mixed day for the banks. Deutsche Bank fell by 1.11%, while Commerzbank rallied by 2.97%.
From the CAC, it was a bullish day for the banks. Credit Agricole and Soc Gen rallied by 3.93% and by 2.91% respectively, with BNP Paribas rising by 1.90%.
It was also a bullish day for the French auto sector. Stellantis NV rose by 0.17%, with Renault rallying by 3.50%.
Air France-KLM ended the day flat, while Airbus SE slipped by 0.01%.
On the VIX Index
It was back into the green for the VIX on Monday, bringing a run of 3 consecutive days in the red to an end.
Reversing a 9.24% slide from Friday, the VIX jumped by 17.80% to end the day at 19.66.
The NASDAQ slid by 2.55%, with the S&P500 ending the day down by 1.04%. For the Dow, it was a more modest 0.10% loss on the day.
The Day Ahead
It’s a relatively quiet day ahead on the European economic data front. ZEW Economic Sentiment figures for Germany and the Eurozone are due out later this morning.
With sensitivity to the numbers having picked up of late, expect the numbers to influence.
From the U.S, JOLTs job openings will also draw interest late in the European session following disappointing NFP numbers from last week.
Following the pullback in U.S stocks on Monday, the European majors could come under pressure going into the session.
In the futures markets, at the time of writing, the Dow Mini was up by 48 points.
For a look at all of today’s economic events, check out our economic calendar.