Manufacturing PMIs, inflation and key German statistics at a glance


The Majors

It was a bullish start to the week for European majors on Monday. The DAX rose 0.99%, with the CAC40 and EuroStoxx600 ending the day up 0.48% and 0.72% respectively.

Eurozone economic data provided guidance as markets also reacted to Friday’s US stock market rally and weekend statistics from China.

According to figures released on Sunday, the NBS manufacturing PMI fell from 50.9 to 49.1 in January, as COVID-19 once again weighed on private sector activity. The non-manufacturing PMI fell from 52.7 to 51.1.

Disappointing figures from China and rising tensions with Russia over Ukraine pushed down the majors.


It was a busy economic calendar for the Eurozone. Preliminary January inflation figures from Spain and Germany and Eurozone GDP figures for the 4and quarter were the center of attention.

The eurozone economy

In the 4and quarter, the economy grew 0.3% after growing 2.2% in the previous quarter. Economists had forecast growth of 0.3%. Year-on-year, the eurozone economy grew 4.6% after growing 3.9% in the third quarter. Economists had forecast growth of 4.7%.

According to Eurostat,

Of the Member States with data for the 4and trimester:

  • Spain (+2.0%) recorded the highest quarter-on-quarter growth, followed by Portugal (+1.6%).
  • In contrast, the economies of Austria (-2.2%), Germany (-0.7%) and Latvia (-0.1%) contracted during the quarter.

Spanish inflation

According to preliminary figures, Spain’s annual inflation rate fell from 6.5% to 6.0% in January. Economists had forecast that the annual inflation rate would increase to 6.7%.

German inflation

According to preliminary figures, Germany’s annual inflation rate fell from 5.3% to 4.9% in January. Economists had expected a slowdown to 4.3%.

On a monthly basis, consumer prices rose 0.4% after rising 0.5% in December. Economists had forecast a drop of 0.3%.

The United States

The US session was calmer, with data limited to the Chicago PMI for January. The PMI fell from 64.3 to 65.2, which was worse than an expected drop to 61.7.

market movers

For the DAX: It was a mixed day for the automotive sector on Monday. volkswagen slipped 0.15% to reverse the trend for the day. Continental rebounded by 1.88%, with BMW and Daimler ending the day up 0.60% and 0.09% respectively.

It was a bullish day for banks. German Bank rebounded by 2.87%, with Commerzbank up 0.13%.

From the CACit was a mixed day for banks. BNP Paribas and Agricultural credit increased by 0.35% and 0.14% respectively, while Gen. Soc. down 0.49%.

The French automotive sector had a bullish session. Stellantis SA increased by 0.60%, with Renault ending the day up 1.00%.

Air France-KLM and Airbus SE posted modest gains of 0.03% and 0.66% respectively.

On the VIX index

It was a 3rd consecutive day in the red for the VIX on Monday, scoring only 3rd drop in 10 sessions.

After losing 9.28% on Friday, the VIX slipped 10.23% to end the day at 24.83.

The NASDAQ jumped 3.41%, with the Dow Jones and S&P500 posting gains of 1.17% and 1.89% respectively.


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