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Economic Calendar:

Tuesday, 10^th September

• French Non-Farm Payrolls (q/q (Q2)

• French Industrial Production m/m (Jul)

• Italian Industrial Production m/m (Jul)

Thursday, 12^th September

• German CPI m/m (Aug) Final

• French CPI m/m (Aug) Final

• French HICP m/m (Aug) Final

• Eurozone Industrial Production m/m (Jul)

• Deposit Facility Rate (Sep)

• ECB Interest Rate Decision (Sep)

Friday, 13^th September

• Spanish CPI y/y (Aug) Final

• Spanish HICP y/y (Aug) Final

• Wages in eurozone y/y (Q2)

• Eurozone Trade Balance (Jul)

The Majors

It was a 4^th consecutive day in the green for the DAX30 on Monday. Following last week’s gains, the DAX30 led the way on Monday, rising by 0.28%. Support for the DAX30 came off the back of better than expected July trade data out of Germany and from talk of a German fiscal stimulus package.

Seeing red, however, were the CAC40 and EuroStoxx600, which fell by 0.27% and 0.28% respectively.

Uncertainty over what stimulus the ECB will deliver on Thursday and how far the FED will go next week left the markets in limbo.

On the geopolitical front, Brexit and political chaos in the UK were also in focus, testing market risk appetite on Monday.

The Stats

It was a relatively quiet day on the Eurozone economic calendar on Monday. July trade data, out of Germany provided direction in the early part of the day.

According to Destatis,

• Germany’s trade surplus widened from a revised €18.1bn to €20.2bn in July. In July 2018, the surplus stood at €16.4bn.

• Exports rose to €115.2bn in July. Month-on-month, exports increased by 0.7% and by 3.8% year-on-year.

  • Germany exported goods to the value of €64.2bn to EU member states. Year-on-year, exports to EU member states fell by 0.5%.

  • Goods to the value of €41.3bn (-0.2%) were exported to Euro-area countries.

  • Exports of goods to countries outside of the EU rose by 9.8%, year-on-year, to €51.0bn.

• Imports fell to €93.7bn. Month-on-month imports slid by 1.5% and by 0.9% year-on-year.

  • Germany imported €52.8bn worth of goods from EU member states. Year-on-year imports from EU member states fell by 1.6%.

  • The value of goods imported from Euro-area countries was €34.9bn (-3.4%).

  • Imports from outside of the EU fell by 0.1%.

From the U.S, there were no material stats to influence later in the day.

The Market Movers

From the DAX, the auto sector was amongst the best performers on the day. Continental led the way, rallying by 3.95%. Volkswagen (+2.54%), Daimler (+2.22%), and BMW (+1.76%) were also at the top of the table.

Bank stocks joined auto stocks on the day, with Deutsche Bank and Commerzbank rallying by 3.75% and 3.44% respectively.