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A calm economic calendar keeps inflation and COVID-19 in focus

The majors

It was a relatively bullish end of the week for the European majors on Friday.

The CAC40 rose 0.24%, the DAX30 and EuroStoxx600 ended the day 0.37% and 0.43% respectively.

There were no key statistics from the euro area to guide the majors at the start of the European session.

Economic data from the US also took a back seat as the markets waited late in the day for Fed chief Powell’s planned speech.

A dovish stance on monetary policy offered support to the majors that day and Powell closed the door on short-term talks on rate hikes.

The statistics

There were no major statistics from the euro zone.

From the USA

Inflation and personal spending had mixed results ahead of Fed Chairman Powell’s scheduled speech.

In July, the Core PCE Price Index was up 3.6% yoy and the index was up 0.3% yoy. In June, the index was also up 3.6% y / y, while it was up 0.5% m / m. The numbers corresponded to the forecasts.

However, private spending rose slightly by 0.3% in July after increasing by 1.1% in June. Economists had also forecast an increase of 0.3%.

The market movers

For the DAX: It was a bullish day for the auto sector on Friday. Continental and Daimler ended the day with a plus of 0.84% ​​and 0.87% respectively BMW increasing by 0.17%. Volkswagen saw a modest increase of 0.05% on the day.

However, it was a bearish day for banks. Deutsche Bank and Commerzbank decreased by 0.61% and 0.42% respectively.

From the CAC, it was a mixed day for the banks. BNP Paribas and Credit Agricole decreased by 0.39% and 0.07%, respectively, while Soc Gen increased by 0.32%.

It was a bullish day for the French auto sector. Stellantis NV and Renault recorded increases of 0.20% and 0.58% respectively.

Air France-KLM decreased by 0.52% while Airbus SE ended the day up 0.02%.

On the VIX index

The VIX on Friday was back in the red.

The VIX reversed a 12.21% rise from Thursday and slid 13.00% to end the day at 16.39.

The NASDAQ rebounded 1.23%, the Dow and S&P500 closed the day 0.69% and 0.88%, respectively.

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