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Brexit, the EU Summit, and Capitol Hill in Focus

The Majors

It was yet another mixed day for the European majors on Thursday. The CAC40 rose by 0.06%, while the DAX30 and EuroStoxx600 ended the day with losses of 0.33% and 0.44% respectively.

In the early part of the session, the majors had been relatively flat ahead of the ECB’s monetary policy decision and press conference.

Brexit uncertainty weighed, while hopes of further monetary policy easing had provided early support.

On the monetary policy front, the ECB delivered by increasing the PEPP by €500 billion.

Ultimately, however, the ECB weighed late in the session, with a gloomy economic outlook doing the damage. Furnished with its latest economic projections, the ECB forecasted a slower economic recovery for next year, supporting the roll-out of more stimulus. GDP forecasts for 2021 were revised down from 5% to 3.9%.

From the U.S, disappointing economic data added further pressure on the majors on the day.

The Stats

It was a quiet day on the Eurozone economic calendar. There were no material stats from the Eurozone to provide direction.

From the U.S

Economic data from the U.S included the weekly jobless claims and November inflation figures.

In the week ending 4th December, initial jobless claims jumped from 716k to 853k. Economists had forecast a rise to 725k.

For November, the annual rate of core inflation held steady at 1.6%, which was in line with forecasts. Month-on-month, core consumer prices, and consumer prices both rose by 0.2%, coming in ahead of forecasted 0.1% increases.

The Market Movers

For the DAX: It was a bearish day for the auto sector on Thursday. BMW and Daimler slid by 2.66% and by 2.21% respectively. Continental and Volkswagen saw more modest losses of 1.49% and 1.44% respectively.

It was also a bearish day for the banks, weighed by the ECB’s economic forecasts. Deutsche Bank fell by 2.18%, while Commerzbank sliding by 3.10%.

From the CAC, it was a bearish day for the banks. BNP Paribas and Soc Gen slid by 2.44% and by 3.25% respectively, with Credit Agricole falling by 0.91%.

It was a mixed day for the French auto sector, however. Peugeot rose by 0.19%, while Renault slipped by 0.44%.

Air France-KLM fell by 2.08%, while Airbus SE eked out a 0.14% gain.

On the VIX Index

It was a 2nd consecutive day in the green for the VIX on Thursday. Following on from Wednesday’s 7.69% gain, the VIX rose by 1.12% to end the day at 22.52.

A surge in jobless claims and a lack of progress towards a stimulus package on Capitol Hill weighed on riskier assets.

The Dow and S&P500 fell by 0.23% and by 0.13% respectively, while the NASDAQ bucked the trend with a 0.54% gain.


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