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Economic Calendar:

Monday, 30^th September

• German Retail Sales (MoM) (Aug)

• Spanish GDP (QoQ) (Q2)

• Spanish CPI (YoY) (Sep) Prelim

• Spanish HICP (YoY) (Sep) Prelim

• German Unemployment Change (Sep)

• German Unemployment Rate (Sep)

• Eurozone Unemployment Rate (Aug)

• Italy CPI m/m (Sep) Prelim

• German CPI (MoM) (Sep) Prelim

Tuesday, 1^st October

• Spanish Manufacturing PMI (Sep)

• Italian Manufacturing PMI (Sep)

• French Manufacturing PMI (Sep) Final

• German Manufacturing PMI (Sep) Final

• Eurozone Manufacturing PMI (Sep) Final

• Eurozone Core CPI (YoY) (Sep) Prelim

• Eurozone CPI (YoY) (Sep) Prelim

Wednesday, 2^nd October

• Spanish Unemployment Change

Thursday, 3^rd October

• Spanish Services PMI (Sep)

• Italian Services PMI (Sep)

• French Services PMI (Sep) Final

• German Services PMI (Sep) Final

• Eurozone Markit Composite PMI (Sep) Final

• Eurozone Services PMI (Sep) Final

• Eurozone Retail Sales (MoM) (Aug)

The Majors

The European majors rounded the week off on a high on Friday. Leading the day was the DAX30, which rose by 0.75%, with the CAC40 and EuroStoxx600 gaining 0.36% and 0.47% respectively.

A 2^nd consecutive day in the green wasn’t enough to reverse losses from earlier in the week, however. The CAC40 ended the week down by 0.88%, with the DAX30 and EuroStoxx600 falling by 0.70% and 0.71% respectively.

Gains at the end of the week came in spite of impeachment talk in the U.S and political chaos in the UK.

Support came from hopes of progress in U.S – China trade talks that are set to resume in Washington on 10^th October.

Even disappointing economic data failed to pull the majors into the red on the day.

The Stats

It was a relatively quiet day on the Eurozone economic calendar on Friday. Economic data was limited to French consumer spending and prelim September inflation figures.

According to Insee, consumer spending stalled in August, month-on-month, following a 0.4% rise in July. Economist had forecasted a 0.3% increase.

Inflation figures also failed to impress. Consumer prices fell by 0.3%, month-on-month, in September, following a 0.5% rise in August. The harmonized index for consumer prices fell by 0.4% in September, following a 0.5% rise in August.

From the U.S, economic data was on the heavier side but had a muted impact on the majors. A pickup in core durable goods orders and consumer sentiment figures were positive on the day. Weaker than expected personal spending figures offset the positives for the majors on the day.

The Market Movers

From the DAX, autos were mixed once more on Friday. Volkswagen and Continental fell by 0.01% and 1.29% respectively, while Daimler and BMW rose by 0.34% and by 0.74% respectively.