It was a relatively bullish start to the week for the European majors on Monday.
The DAX30 gained 0.22%, the CAC40 and the EuroStoxx600 ended the day by 0.08% and 0.07%, respectively.
Support for the majors continued to come from Fed Chairman Powell’s keynote address on Friday. Economic data from Germany also supported the ECB’s assessment that the inflationary rise is likely to be temporary.
Concerns about the effects of the Delta variant remained, though advances on the vaccine front remain an antidote.
The German inflation figures were the most important figures of the day.
Consumer prices stagnated in August after rising 0.9% in July. Economists had forecast an increase of 0.1%.
The annual inflation rate in Germany increased from 3.8% to 3.9% and thus remained below the forecast 4.9%.
From the USA
Economic data was limited to the outstanding July home sales, which was subdued for the majors.
The market movers
For the DAX: It was a relatively bullish day for the auto sector on Monday. Continental and Daimler ended the day up 0.54% and 0.60% respectively. BMW and Volkswagen However, it led the way with gains of 1.23% and 1.15% respectively.
However, it was a bearish day for banks. Deutsche Bank and Commerzbank decreased by 0.57% and 0.34% respectively.
From the CAC, it was a bearish day for the banks. BNP Paribas and Credit Agricole decreased by 0.86% and 0.21%, respectively Soc Gen slip 1.59%.
It was also a bearish day for the French auto sector. Stellantis NV and Renault recorded losses of 0.85% and 0.47% respectively.
Air France-KLM decreased 1.49%, with Airbus SE ended the day down 0.14%.
On the VIX index
It was the second straight day in the red for the VIX on Monday.
After falling 13.00% on Friday, the VIX fell 1.22% to end the day at 16.19.
The Dow fell 0.16% while the NASDAQ and S&P500 closed the day 0.90% and 0.43%, respectively.