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Economic Data from the Eurozone and the U.S in Focus

The Majors

It was a relatively bullish day for the European majors on Wednesday.

The CAC40 and the EuroStoxx600 rose by 0.55% and by 0.42% respectively, with DAX30 ending the day up by 0.35%.

Economic data from the Eurozone was on the lighter side, with stats limited to finalized inflation figures from Germany and Italy.

The numbers had a muted impact on the majors, with the markets looking ahead to inflation figures from the U.S.

Market friendly U.S inflation figures delivered the majors with support.

The Stats

Economic data was on the lighter side once more on Wednesday, with inflation figures in focus.

Germany’s annual rate of inflation picked up from 2.3% to 3.8% in July, which was in line with prelim figures.

Italy’s annual rate of inflation accelerated from 1.3% to 1.9%, which was up from a prelim 1.8%.

From the U.S

It was a relatively quiet but important day on the economic calendar.

Inflation figures for July were in focus late in the European session.

In July, the annual rate of inflation held steady at 5.4%, which was in line with forecasts. The core annual rate of inflation softened from 4.5% to 4.3%.

Month-on-month, core consumer prices rose by 0.3% versus a forecasted 0.5% increase. In June, core consumer prices had risen by 0.9%.

Consumer prices also rose at a slower pace, with prices up 0.5% versus a forecasted 0.6% increase. In June, consumer prices had risen by 0.9%.

The Market Movers

For the DAX: It was another mixed day for the auto sector on Wednesday. BMW and Daimler rose by 0.47% and by 0.61% respectively, with Continental gaining 0.23%. Volkswagen bucked the trend, however, falling by 13%.

It was a bullish day for the banks. Deutsche Bank rose by 0.69%, with Commerzbank gaining by 1.32%.

From the CAC, it was a relatively bullish day for the banks. BNP Paribas rose by 1.39%, with Credit Agricole and Soc Gen seeing gains of 0.59% and 0.78% respectively.

It also a relatively bullish day for the French auto sector. Stellantis NV and Renault ended the day up by 0.38% and by 0.79% respectively.

Air France-KLM found much-needed support, rising by 1.07%, with Airbus SE gaining 0.49%.

On the VIX Index

It was back into the red for the VIX on Wednesday, giving up gains from earlier in the week.

Reversing a 0.42% gain from Tuesday, the VIX fell by 4.35% to end the day at 16.06.

The NASDAQ fell by 0.16%, while the Dow and the S&P500 ended the day up by 0.62% and by 0.25% respectively.


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