IBERIAN DAILY 24 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: INDRA, REPSOL, TELEFÓNICA. Transitional session brings gains European stock markets rallied, spurred by optimism on the positives of AI and the expected greater economic dynamism. In the STOXX 600, the gains were led by Autos and Consumer Goods, whereas defensive sectors like Pharma and Food suffered the biggest drops. On the macro side, in the euro zone the preliminary manufacturing PMI for September fell into a zone compatible with falling activity levels (49.5), while the services PMI rose more than expected (51.4) thanks to the increase in Germany vs. the collapse in France....

INFORME DIARIO 24 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: INDRA, REPSOL, TELEFÓNICA. Ganancias en una sesión de transición Rebote en las bolsas europeas aupadas por el optimismo sobre las bondades de la IA y el esperado mayor dinamismo económico. En el STOXX 600 lideraron las subidas Autos y B. Consumo mientras que defensivos como Farma y Alimentación sufrieron las mayores correcciones. Por el lado macro, en la Eurozona el PMI manufacturero preliminar de septiembre retrocedió a terreno compatible con caídas de la actividad (49,5) mientras que el PMI de servicios avanzó más de lo esperado (51,4) por el ...

IBERIAN DAILY 19 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, CAF, FCC, TELEFÓNICA, VISCOFAN. The Fed spurs the markets Following the expected rate cut by the Fed, European stock markets reacted with sharp rises of more than +1.5%. The IBEX lagged behind and closed with slight losses due to the lack of technology stocks. In the STOXX 600, Technology was once again the big winner, with Utilities and Basic Materials falling the most. On the macro side, in the US the Philadelphia Fed manufacturing index rose sharply in August. Weekly jobless claims fell more than expected after reaching its highest level since 2021 last week. In the UK,...

L’économie US six mois après Liberation Day

Il y a six mois, Donald Trump révélait ses droits de douane soi-disant "réciproques". Même si tout le monde connaissait son obsession tarifaire, ce fut un choc car il n’était pas prévu une hausse si forte et générale. Les marchés d’actions ont corrigé pendant un temps et les prévisions économiques ont intégré une prime de stagflation (moins d’emploi et plus d’inflation). Aujourd’hui, les marchés sont au plus haut et l’économie US n’a pas flanché. Elle montre des facettes fort différentes. Les dépenses d’investissement des entreprises sont très dynamiques, en lien évident avec la révolution de ...

The US economy six months after Liberation Day

Six months ago, Donald Trump unveiled his so-called ‘reciprocal’ tariffs. While everyone was aware of his obsession with tariffs, it came as a shock because such a sharp and widespread increase had not been anticipated. Equity markets corrected for a while and economic forecasts incorporated a stagflation premium (lower employment and higher inflation). Today, the markets are at all-time highs and the US economy has not faltered. It is showing very different facets. Business investment spending is very dynamic, clearly linked to the AI revolution. But employment, the foundation of household in...

Oddo’s 2 Weeks Ahead_Friday 03 October 2025