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Economic Calendar

Monday, 29th November

Spanish HICP (YoY) (Nov) Prelim

Spanish CPI (YoY) (Oct) Prelim

German CPI (MoM) (Nov) Prelim

Tuesday, 30^th November

French Consumer Spending (MoM) (Oct)

French GDP (QoQ) (Q3)

French CPI m/m (Nov) Prelim

French HICP m/m (Nov) Prelim

German Unemployment Change (Nov)

German Unemployment Rate (Nov)

Italian CPI (MoM) (Nov) Prelim

Eurozone CPI (YoY) (Nov) Prelim

Wednesday, 1^st December

German Retail Sales (MoM) (Oct)

Spanish Manufacturing PMI (Nov)

Italian Manufacturing PMI (Nov)

French Manufacturing PMI (Nov) Final

German Manufacturing PMI (Nov) Final

Eurozone Manufacturing PMI (Nov) Final

Thursday, 2^nd December

Eurozone Unemployment Rate (Oct)

Friday, 3^rd December

Spanish Services PMI (Nov)

Italian Services PMI (Nov)

French Services PMI (Nov) Final

German Services PMI (Nov) Final

Eurozone Markit Composite PMI (Nov) Final

Eurozone Services PMI (Nov) Final

Eurozone Retail Sales (MoM) (Oct)

The Majors

It was a particularly bearish end to the week for the European majors on Friday.

The DAX30 and CAC40 slid by 4.15% and by 4.75% respectively, with the EuroStoxx600 ending the day down by 3.67%.

Economic data and market sentiment towards inflation and monetary policy took a back seat on Friday.

News of a new COVID-19 strain and government plans to contain the spread of the more virulent strain from South Africa by border controls left the majors in the deep red.

The Stats

Following a string of stats from Germany, French consumers and Italian businesses were in focus this morning.

French Consumer Confidence

In November, French Consumer Confidence held steady at 99 versus a forecasted decline to 98. The numbers were steady in spite of a marked deterioration in confidence in Germany and across the euro bloc.

According to insee.fr,

• Households’ opinions related to their past financial situation has decreased by 3-points.

• Also in decline was households’ opinion in relation to their future personal financial situation, which slipped by 1 point.

• Households’ opinion related to their future saving capacity bounced by 10 points, however, returning to its September level.

• With regards to the households’ opinion balance about the opportunity to save, the balance remained stable as did the one relative to their current saving capacity.

• Positive was a fall in unemployment fears, which declined by 6 points.

• By contrast, the share of households considering that prices were on the rise during the past 12-months rose by 9 points to its highest level since 2012.

Interestingly, households considering that prices will be on the rise during the next 12-months fell by 13 points.