In This Article:
Economic Calendar:
Monday, 9th December 2019
-
German Trade Balance (Oct)
Tuesday, 10th December 2019
-
French Non-Farm Payrolls (QoQ) (Q3)
-
German ZEW Current Conditions (Dec)
-
German ZEW Economic Sentiment (Dec)
-
Eurozone ZEW Economic Sentiment (Dec)
Thursday, 12th December 2019
-
German CPI (MoM) (Nov) Final
-
French CPI (MoM) (Nov) Final
-
French HICP (MoM) (Nov) Final
-
Eurozone Industrial Production (MoM) (Oct)
-
ECB Deposit Facility Rate (Dec) / ECB Interest Rate Decision (Dec)
-
ECB Press Conference
Friday, 13th December 2019
-
Spanish CPI (YoY) (Nov) Final
-
Spanish HICP (YoY) (Nov) Final
The Majors
It was a bullish end to the week for the European majors, with the CAC40 rallying by 1.21% to lead the way.
The EuroStoxx600 wasn’t far behind, rising by 1.16%, while the DAX30 saw a more modest 0.86% on the day.
Upside on the day came from impressive economic data from the U.S and hopes of a phase 1 trade agreement between the U.S and China.
On Thursday, Trump spoke of the U.S and China making progress towards an agreement, which contradicted comments from earlier in the week. At the start of the week, Trump had stated a desire to delay any agreement until after the next year’s Presidential Election…
The Stats
It was a relatively quiet day on the Eurozone economic calendar on Friday. Key stats were limited German industrial production figures for October that once again delivered more bad news.
According to Destatis, industrial production slid by 1.7% in October, following on from a 0.6% fall in September. Economists had forecast a 0.1% rise.
-
Within industry, the production of intermediate goods increased by 1%, with the production of consumer goods rising by 0.3%.
-
The production of capital goods slumped by 4.4%, however, dragging the headline figure deep into the red.
-
Production in industry, excluding energy and construction, fell by 1.7%.
-
Energy production rose by 2.3%, while production in construction fell by 2.8%.
-
Year-on-year, production slumped by 5.3%.
From the U.S,
Economic data ultimately led to the upswing on the day. Nonfarm payrolls surged by 266k in November, following a 163k rise in October. Economists had forecast a 186k rise. The numbers were significant when compared with the ADP numbers from earlier in the week that reported a 67k rise in nonfarm payrolls.
Wage growth also accelerated in the month, supporting a positive outlook for consumer spending going into the holiday season.
The Market Movers
For the DAX: It was a bullish day for the auto sector. BMW rallied by 1.15% to lead the way, with Continental up by 0.84%. Volkswagen and Daimler saw more modest gains of 0.55% and 0.19% respectively on the day.