IBERIAN DAILY 04 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA/ACCIONA ENERGÍA, REDEIA.Euro STOXX 50 at 5,300 points
European stock markets continued to rise in a session marked by the solid US job market data. In the STOXX 600, the best-performing sectors were Household Goods and Retail, whereas Pharma and Basic Materials (after the trade agreement between the US and Vietnam) suffered the biggest losses. On the macro side, in the euro zone June’s final services PMI improved slightly, with the advance in Spain (to 51.9) standing out, whereas in the UK the improvement was much greater than expected. The minutes from the last ECB meeting suggest core inflation stabilising at 2% in the medium term, although with concerns regarding the high geopolitical uncertainty and the strength of the euro. In the US, the job market showed resilience in June, with non-farm job creation beating expectations (previous data raised) and the unemployment rate falling unexpectedly by -0.2% to 4.1%, while salary gains grew at a slower pace. June’s non-manufacturing ISM rose slightly more than expected, once again in expansion territory, but with the prices component still very high.
What we expect for today
European stock markets would open with profit taking of -0.5% due to fears about tariffs. Currently, S&P futures are down -0.3% (the S&P 500 ended flat vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.9% and Japan’s Nikkei +0.1%).
Today is a holiday in the US. In Germany we will learn May’s industrial orders and in Spain May’s industrial output.
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
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