EUR 100.00 For Business Accounts Only

IBERIAN DAILY 29 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA.

IBEX 35 back above 15,000
It was a transitional session on European stock markets, with the Euro STOXX 50 consolidating at 5,400 points and better performance from the French and Spanish indices. In the STOXX 600, Basic Materials, Autos and Consumer Goods led the gains, whereas Real Estate and Telecoms recorded the biggest drops. On the macro side, in the euro zone July’s M3 index rose less than expected (with solid performance in consumer and corporate lending). August’s economic confidence index fell unexpectedly, suggesting weak growth. The ECB’s July meeting minutes showed a majority of members believe they are in a good position to take on the trade uncertainty. In the US, weekly jobless claims fell more than expected, while the second reading of the 2Q’25 GDP was raised to 3.3% QoQ (vs. 3.0% previously), with corporate profits growing 4.3% YoY vs. 6.3% previously. Fed member C. Waller backed a -50bps rate cut in September if employment data once again deteriorate in August. In Japan, Tokyo inflation fell in August in line with forecasts, whereas industrial output and retail sales for July fell more than expected and the unemployment rate fell unexpectedly to 2.3%. In trade matters, India raised its Russian oil imports, challenging Trump’s tariffs, and today the minimis tariffs go into effect in the US (products with a value below US$ 800). In US business results, Best Buy and AutoDesk beat expectations, with Dell in line.
What we expect for today
European stock markets would open with losses of -0.2%. Currently, S&P futures are down -0.1% (the S&P 500 ended +0.3% higher vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.6% and Japan’s Nikkei -0.3%).
Today in Spain we will learn August’s preliminary inflation and retail sales, in Germany July’s retail sales, August’s unemployment and preliminary inflation, in Brazil July’s unemployment and in the US, personal outlays and the core consumption deflator for July, Chicago PMI and U. Michigan consumer confidence (both for August).