Yahoo Finance

Economic Calendar

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 bullish session for the European majors on Wednesday.

The DAX30 and CAC40 rallied by 2.47% and by 2.39% respectively, with the EuroStoxx600 ending the day up by 1.71%.

Upbeat private sector PMIs and positive economic data from the U.S provided the European majors with support.

The upside came ahead of a late U.S sell-off, however, as the U.S markets responded to news of the Omicron strain reaching the U.S.

The Stats

It was yet another busy economic calendar this morning. German retail sales were in focus along with member state and Eurozone Manufacturing PMIs for November.

German Retail Sales

In October, retail sales fell by 0.3% following a 2.5% slide from September. Economists had forecast a 1.0% increase.

According to Destatis,

• Compared with the pre-crisis month of Feb-2020, however, retail turnover was up 3.5%.

• Year-on-year, however, turnover was down 2.9%, with consumption weighed by delivery bottlenecks in retail trade.

Member State Manufacturing PMIs

Spain’s Manufacturing PMI slipped from 57.4 to 57.1 in November, versus a forecasted rise to 57.9.

In November, Italy’s Manufacturing PMI rose from 61.1 to 62.8 Economists had forecast for the PMI to hold steady at 61.1.

According to finalized figures:

France’s Manufacturing PMI rose from 53.6 to 55.9 which was up from a prelim 54.6.

In November, Germany’s Manufacturing PMI fell from 57.8 to 57.4, which was down from a prelim 57.6.

The Eurozone

According to finalized figures, the Eurozone’s Manufacturing PMI rose from 58.3 to 58.4 in November, which was down from prelim 58.6.

According to the November survey,

• Manufacturing sector growth stabilized following a 4-month slowdown in growth from June’s record expansion.

• Severe supply-related constraints continued to hinder sector activity.

• Consumer goods producers recorded an accelerated expansion, while intermediate and investment goods makers saw growth slow further.

• While at a slower pace, new business continued to rise at a solid clip.

• Average lead times lengthened once more, however.

• Costs rose at the third strongest pace in the series history.

• Output prices, as a result, were raised to the greatest extent since the series began in Nov-2002.

By Country,

• Italy topped the table, with a record PMI high of 62.8 followed by the Netherlands (9-month low 60.7%).

• France sat at the bottom of the table with a 3-month high 55.9.

• While avoiding the bottom, German and Austria saw their respective PMIs fall to 10-month lows, with Spain’s declining to an 8-month low.