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Service PMIs and US NFP numbers in focus

Friday 3rd September

Spanish Services PMI (August)

PMI for Italian Services (August)

French Services PMI (August) Final

German Service PMI (Aug) Final

Eurozone Markit Composite PMI (Aug) Final

Eurozone Services PMI (Aug) Finals

Euro Area Retail Sales (MoM) (July)

The majors

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

The EuroStoxx600 rose 0.35%, the CAC40 and DAX40 ended the day by 0.06% and 0.10%, respectively.

There were no key stats from the eurozone to guide the majors that day.

However, economic data from the US provided support towards the end of the session.

While the stats were market friendly, the focus continued to be on today’s non-farm payrolls and ISM non-manufacturing numbers from the US

The statistics

It was a particularly quiet day on the eurozone economic calendar. There weren’t any major statistics to give direction to the majors.

From the USA

The main statistics included weekly jobless claims and factory orders.

In the week ending August 30, initial jobless claims fell from 354,000 to 340,000. Economists had forecast a decline to 345,000.

Factory orders rose 0.40% in July after rising 1.50% in June. Economists had forecast an increase of 0.3%.

Other statistics included non-farm productivity and unit labor cost for the second quarter, which were subdued for the majors.

The market movers

For the DAX: It was a mixed day for the auto industry on Thursday. Volkswagen and BMW recorded increases of 0.77% and 0.01% respectively. Continental and Daimler ended the day down 0.15% and 0.75%, respectively.

However, it was a bullish day for banks. Deutsche Bank and Commerzbank rose by 0.24% and 0.80% respectively.

From the CAC, it was a mixed day for the banks. BNP Paribas ended the day flat, with Soc Gen decreases by 0.11%. Credit Agricole however increased by 0.23%.

It was also a mixed day for the French automotive industry. Stellantis NV rose 1.19% while Renault decreased by 0.89%.

Air France-KLM rose 0.35% while Airbus SE ended the day down 1.03%.

The story goes on

On the VIX index

For the VIX on Thursday it was back to nature.

The VIX partially reversed a 2.25% decline from Wednesday and rose 1.86% to end the day at 16.41.

The Dow was up 0.37% with the NASDAQ and S & P500 closing the day 0.14% and 0.28%, respectively.

The day ahead

A particularly busy day is ahead of the eurozone economic calendar.

The purchasing managers’ indices for the service sector for Italy and Spain and retail sales for the euro area will be released later this day. Finalized service and composite PMIs for France, Germany and the Eurozone are also due.

Aside from major corrections to the preliminary numbers, Eurozone PMIs and retail sales numbers will be of vital importance for Italy and the Eurozone.

From the USA, the ISM Non-Manufacturing PMI payroll figures are published for August. Expect a lot of influence from the numbers. While the FED has been speaking of a cut, a sustained surge in new hires and a significant pickup in service activity could shift the FED’s timelines on interest rates.

The future

On the futures markets, the Dow Mini was up 4 points at the time of writing.

You can find an overview of all today’s economic events in our economic calendar.

This article was originally published on FX Empire

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