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Brexit and COVID-19 News to Direct the Boerses that are Open

The Stats

It was a quiet day on the economic calendar. Finalized 3rd quarter GDP numbers for Spain were in focus in the early part of the day.

Spain’s economy expanded by 16.4% in the 3rd quarter, according to finalized figures, revised down from a prelim 16.7%. In the 2nd quarter, the economy had contracted by 17.9%, quarter-on-quarter.

From the U.S

It was another busy day on the economic calendar. November core durable goods, inflation, and personal spending figures were in focus later in the session. The weekly jobless claims figures also drew plenty of attention after last week’s spike.

In the week ending 18th December, initial jobless claims stood at 805k, falling back from an upwardly revised 892k from the previous week.

Durable goods orders were also positive, with orders rising by 0.9% in November, following a 1.8% increase in October. Core durable goods fell short of forecasts, however, rising by 0.4%. In October, core durable goods orders had increased by 1.9%.

Also negative was weaker than expected inflation figures and a fall in personal spending.

In November, the core PCE Price Index rose by 1.4%, following a 1.4% increase in October. Economists had forecasted a 1.5% increase.

Personal spending fell by 0.4%, reversing a 0.3% rise in October. Economists has forecasted a 0.2% decline.

Finalized consumer sentiment figures for December and new home sales for November were also in focus but had a muted impact on the majors. There was a lack of influence in spite of the numbers being skewed to the negative.

The Market Movers

For the DAX: It was a bullish day for the auto sector on Wednesday. Continental and Daimler led the way with gains of 3.05% and 3.07% respectively. BMW and Volkswagen saw more modest gains of 1.58% and 2.03% respectively.

It was also a bullish day for the banks. Deutsche Bank rose by 2.39%, with Commerzbank rallying by 3.27%.

From the CAC, it was a bullish day for the banks. BNP Paribas and Credit Agricole rallied by 3.18% and by 3.05% respectively. Soc Gen led the way, however, with a 4.18% gain.

It was also a bullish day for the French auto sector. Peugeot rose by 0.45%, with Renault gaining 2.47% on the day.

Air France-KLM and Airbus SE rallied by 4.52% and by 4.56% respectively, with Airbus SE the frontrunner on the day.

On the VIX Index

There was more red for the VIX on Wednesday, logging a 6th day in the red from 7. Following on from a 3.70% fall on Tuesday, the VIX fell by 3.80% to end the day at 23.31.

The Dow and S&P500 rose by 0.38% and by 0.07% respectively, while the NASDAQ fell by 0.29%

U.S President Trump was unable to send the majors into the red despite a refusal to sign the pandemic relief bill.

Hopes of a better stimulus package and the promise of more from the President-Elect supported the majors on the day.

Progress towards a Brexit deal also supported the demand for riskier assets.


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