German Factory Orders (Monthly) (July)
IHS Markit Construction PMI from Germany (August)
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German Industrial Production (Monthly) (July)
Current German ZEW (September)
German economic sentiment ZEW (September)
EURO GDP (second quarter) (second quarter)
EURO GDP (year-on-year) (second quarter)
Eurozone ZEW Sentiment (September)
French Nonfar farm payroll (QoQ) (Q2)
Balance sheet of German industry (July)
ECB Resolution on Rates (August)
ECB press conference
Germany CPI (Monthly) (August) Final
It’s a bearish day for the European majors on Friday.
The CAC40 fell 1. 08% to prepare the ground lower, with the DAX30 and EuroStoxx600 ending the day down 0. 37% and 0. 56% respectively.
Disappointing economic knowledge from China, the eurozone and the United States weighed on large European companies on Friday.
From China, Caixin Services’ PMI rose from 54. 9 to 46. 7 in August. The figures followed Wednesday’s production PMI figures, which showed the production sector in August.
Concerns about the effect of the Delta variant on economic recovery were validated by following the week’s statistics.
At the end of the day, it’s a very busy day in the eurozone’s economic downside.
Facilities PMI figures for August were in the spotlight with eurozone retail sales figures this morning. While the statistics were influential, markets resisted U. S. nonfarm payroll figures. However, mitigating the effect of the figures on major European companies.
For Spain, the PMI fell from 61. 9 to 60. 1 versus a projected drop to 61. 5.
However, the Italian PMI for the sector remained solid at 58. 8, up from 58. 5 expected.
France’s PMI rose from 56. 8 to 56. 3 from 56. 4
Germany’s figures did not impress either. In August, the PMI rose from 61. 8 to 60. 8 from an initial figure of 61. 5.
In August, the PMI of the euro domain rose from 59. 8 to 59. 0 from 59. 7.
As a result, the euro composite PMI rose from 60. 2 to 59. 0 from 59. 5 previously.
According to the August composite survey,
In July, eurozone retail sales fell by 2. 3% month-on-month, reversing a build-up of 1. 5% since June.
Key statistics included non-manufacturing PMIs and non-farm payroll figures, negative for risky assets.
In August, the non-manufacturing ISM PMI fell from 64. 1 to 61. 7, a projected decline to 61. 5.
However, nonfar asses payroll figures were more influential. In August, the nonfar asses payroll rose to 235,000, well below the expected 750,000. The nonfarsofars payroll jumped to 1,053,000 in July.
With the Fed’s debate on relief underway, the numbers would have possibly surprised several hawks.
Despite the figures, unemployment went from 5. 4% to 5. 2%, with an average hourly wage up to 4. 3% year-on-year, both exceeded forecasts.
For the DAX: It’s a bearish day for the auto sector on Friday. Volkswagen and BMW fell 0. 30% and 0. 28% respectively. Continental and Daimler ended the day down 0. 39% and 0. 55% respectively.
However, it is a combined day for banks. Deutsche Bank fell 0. 24%, while Commerzbank rose 0. 74%.
Since the CAC, it is a bearish day for banks. BNP Paribas and Crédit Agricole fell by 1. 70% and 1. 93% respectively, with Soc Gen by 1. 54%.
It is a combined day for the French automotive sector. While Stellantis NV rose 0. 04%, Renault fell 1. 84%.
Air France-KLM and Airbus SE closed the day down 1. 82% and 1. 97%, respectively.
It’s a flat weekend for the VIX on Friday.
After emerging 1. 86% on Thursday, the VIX gave up its initial gains to end the day unchanged at 16. 41.
The NASDAQ rose 0. 21%, while the Dow Jones and S
It is a quiet day in the eurozone’s economic calendar.
The German economy is in the midst of concerns, with factory orders and PMI figures expected.
Factory orders for July are expected to have a bigger impact.
In the United States, no statistics will be released, as U. S. markets are closed for Labor Day.
For a review of all of today’s economic events, check out our economic calendar.