Close-up on German inflation and ECB President Lagarde

The DAX30 fell 0.18%, with the CAC40 and EuroStoxx600 posting losses of 0.21% and 0.48% respectively.

There were no major Eurozone statistics to give direction to the majors. In the absence of major statistics to take into account, the inflation story remained a drag for the majors at the end of the week.

Better-than-expected economic data from the United States failed to change the mood late in the session.

Despite sluggish inflation, earnings supported the DAX30 with Thyssenkrupp posting better than expected results.

Statistics

There are no important statistics from the eurozone to give direction to the majors.

The United States

The focus of attention was on jobless claims and the Philly Fed’s manufacturing PMI figures.

In November, the Philly Fed’s manufacturing PMI fell from 23.8 to 39.0. Economists had forecast a modest increase to 24.0.

According to the November survey,

  • Almost 42% of businesses reported increases in current activity, while only 3% reported decreases.
  • The new orders index rose 18 points to 47.4.
  • Pressure on prices remained, however, with the diffusion index of prices paid up 10 points to 80.0. This is the highest reading since June’s 42-year high at 80.7.
  • Despite continued cost pressures, companies remained optimistic. The dissemination index for general future activity rose 4 points to 28.5.

In the week ending 12e In November, first jobless claims fell modestly from 269,000 to 268,000. Economists had forecast a drop to 260k.

Market movers

For the DAX: It was another mixed day for the auto industry on Thursday. Continental fell by 3.23%, with Volkswagen ending the day down 0.92%. Daimler found support, however, recovering 1.55%, with Bmw gaining 0.48%.

It was a bearish day for the banks. German Bank and Commerzbank ended the day down 0.70% and 1.08% respectively.

From CAC, it was a mixed day for the banks. Gen Soc increased by 0.39%, while BNP Paribas and Agricultural credit ended the day down 0.53% and 0.67% respectively.

It was, however, a bearish day for the French automotive sector. Stellantis SA and Renault ended the day with losses of 0.48% and 0.04% respectively.

Air France-KLM and Airbus SE also saw relatively modest declines of 0.73% and 0.10% respectively

On the VIX index

It was a 2sd consecutive day in the green for the VIX Thursday.

After gaining 4.52% on Wednesday, the VIX rose 2.81% to end the day at 17.59.

The decline slipped 0.17%, while the NASDAQ and the S & P500 posted gains of 0.45% and 0.34% respectively.

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