European Equities: Will Service Sector PMIs Provide Comfort？

Economic Calendar:Thursday, 3rd October

经济日历：星期四，10月3日

• Spanish Services PMI (Sep)

  西班牙语服务PMI（9月）

• Italian Services PMI (Sep)

  意大利服务PMI（9月）

• French Services PMI (Sep) Final

  法语服务PMI（9月）最终

• German Services PMI (Sep) Final

  德国服务PMI（9月）的最终

• Eurozone Markit Composite PMI (Sep) Final

  欧元区麦盖提复合PMI（9月）的最终

• Eurozone Services PMI (Sep) Final

  欧元区服务PMI（9月）的最终

• Eurozone Retail Sales (MoM) (Aug)

  欧元区零售销售（MOM）（8月）

The Majors

在专业

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It was a dark day for the majors on Wednesday, with the CAC40 sliding by 3.12% following Tuesday‘s pullback. The DAX30 and EuroStoxx600 weren’t far behind, with losses of 2.76% and 2.70% respectively.

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While economic data from the Eurozone was on the lighter side on the day, market jitters over the global economic outlook weighed heavily.

当来自欧元区经济数据在打火机侧的一天，市场恐慌在全球经济前景打压严重。

Particularly weak manufacturing sector data from the Eurozone and the U.S continued to influence on the day, with U.S stats on Wednesday also weighing.

从欧元区和美国的特别薄弱的制造业数据持续当天的统计影响，美国周三还重。

Downward revisions to economic growth forecasts for Germany didnt help, with growth forecasts for 2020 revised down from 1.8% to 1.1%. For 2019, GDP growth was revised down from 0.8% to 0.5%.

向下修正经济增长预测德国没有帮助，与增长预测2020下调从1.8％至1.1％。对于2019年，GDP增长从0.8％下调至0.5％。

The Stats

在统计

It was a relatively quiet day on the Eurozone economic calendar on Wednesday. Economic data was limited to Spanish unemployment figures that had a muted impact on the majors.

这是一个相对平静日上周三欧元区经济日历。经济数据仅限于对大满贯赛静音冲击西班牙的失业数字。

From the U.S, Septembers ADP nonfarm employment change figures failed to provide support. Nonfarm employment rose by just 135k, falling short of a forecasted 140k. Of greater significance was a downward revision from 195k to 157k for August.

从中美，九月份的ADP非农就业人数变化数据未能提供支持。非农就业人数仅增长了135,000，低于一预测140K的。的更大的意义是一个向下修正从195K到157K为八月。

The Market Movers

在股票动态

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From the DAX, it was red across the board. From the auto sector, Volkswagenled the way down with a 2.64% slide. Continental and Daimlerfell by 2.54% and 2.21% respectively.BMWwas the best of the 4, falling by 1.78%.

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It was no better the banks, with Deutsche Bankand Commerzbankfalling by 1.20% and 2.02% respectively.

这是没有更好的银行，具有的德银和商业银行分别由1.20％和2.02％下降。

From the CAC, it was also a bearish day for the banks. Soc Gen led the way, sliding by 4.06%. BNP Paribasand Credit Agricoledeclined by 3.50% and 3.32% respectively. For the autos, Renaultfell by 2.32%, whilst Peugeotslid by 3.47%.

发件人的CAC 下，也有人为银行看跌一天。的志根为首的方式，由4.06％的滑动。的法国巴黎和农业信贷分别下降了3.50％和3.32％。对于汽车，的雷诺下降了2.32％，而的标致按3.47％滑动。

On the VIX Index

在VIX指数

The VIX Index rose by 10.78% to end the day at 20.60.

在VIX指数上升由10.78％至结束一天在20.60。

Weak manufacturing data from the Eurozone and the U.S from Tuesday and soft ADP nonfarm figures weighed on market risk sentiment throughout the day.

这欧元区和从周二美国弱制造数据和软ADP非农数据打压市场风险情绪全天。

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The Day Ahead

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It‘s a busy day ahead on the Eurozone economic calendar. Spain and Italy’s service sector PMI numbers for September are due out, along with the Eurozones retail sales figures.

这是忙碌的一天提前对欧元区经济日历。西班牙和意大利的服务业PMI数据为月到期了，与欧元区的零售销售数据一起。

The finalized service sector and composite PMI numbers are also due out of France, Germany, and the Eurozone.

在完成服务业和综合PMI数据也因了法国，德国和欧元区。

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We can expect the Eurozones numbers to have the greatest impact on the day. Following disappointing manufacturing numbers, any downward trend in service sector activity and consumer spending will weigh.

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From the U.S, the markets preferred ISM non-manufacturing PMI and factory orders will also have an impact on the European majors.

在美国市场的首选ISM非制造业采购经理人指数和工厂订单也将有一个对欧洲专业影响。

On the geopolitical front, the EU reaction to Boris Johnsons Brexit plans will also be in focus.

在地缘政治前，欧盟反应鲍里斯约翰逊的Brexit计划也将在焦点。

In the futures markets, at the time of writing, the DAX was down by 16 points, while the Dow Mini was up by 83 points.

在期货市场，在写入时，所述DAX下降了16分，而道指赠送增长了83点。