Euro Zone News

COVID-19 and FED Chair Powell in Focus, with No Majors Stats to Consider

The Majors

It was a mixed start to the week for the European majors on Monday. The DAX30 and the EuroStoxx600 rose by 0.25 % and by 0.19% respectively, while the CAC40 declined by 0.49%.

There were no major stats from the Eurozone or the U.S to provide direction on the day.

A lack of stats left the majors in the hands of COVID-19 news updates on the day.

Following new containment measures in Italy and France, amongst other EU member states, concerns of a possible wider lockdown pegged the majors back.

In spite of the negative mood, the auto sector delivered support.

The Stats

It was a particularly quiet day on the economic calendar on Monday. There were no major stats to provide the majors with direction.

From the U.S

It was also a particularly quiet day, with no material stats from the U.S to provide the European majors with direction.

The Market Movers

For the DAX: It was a mixed day for the auto sector on Monday. Volkswagen jumped by 6.36%, with BMW and Daimler gaining 2.88% and 0.87% respectively. Continental bucked the trend, sliding by 3.13% respectively.

It was a bearish day for the banks, however. Deutsche Bank and Commerzbank fell by 0.68% and by 1.05% respectively.

From the CAC, it was a bearish day for the banks. BNP Paribas fell by 0.86%, with Credit Agricole and Soc Gen seeing losses of 0.58% and 0.05% respectively.

It was also a bearish day for the French auto sector. Stellantis NV and Renault fell by 1.13% and by 1.37% respectively.

Air France-KLM and Airbus SE saw more red, ending the day down by 1.41% and by 0.28% respectively.

On the VIX Index

It was a 2nd consecutive day in the red for the VIX on Monday, marking a 10th day in the red from 12 sessions.

Following on from a 2.92% fall from Friday, the VIX slid by 9.88% to end the day at 18.88.

The NASDAQ rose by 1.23%, with the Dow and the S&P500 seeing modest gains of 0.32% and 0.70% respectively.

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