IBERIAN DAILY 13 AUGUST (ANÃLISIS BANCO SABADELL)
MARKETS YESTERDAY AND TODAYSlight profit-taking and a new rally with asset rotation towards defensive and growth stocks
Stock markets rallied as the session progressed, with asset rotation towards defensive stocks standing out this time. Within the Euro STOXX, Retail, Telecom and Consumer Goods led gains vs. the worse performance of Industrial, Leisure, Media and Banks. On the macro side, in the Euro zone, the decline in industrial output moderated less than expected in June. In the US, July’s CPI climbed above expectations. In the United Kingdom, the 2Q’20 GDP and June’s industrial output contracted somewhat less than expected. In Brazil, June’s retail sales increased above expectations. Early this morning in Japan, July’s crude oil prices stood above expectations. In US business results, Cisco released earnings in line with expectations.
What we expect for today
Stock markets would open flat in the absence of macro references, consolidating the gains of the previous days. Currently, S&P futures are trading flat (the S&P 500 ended unchanged vs. its price at the closing bell in Europe). Volatility in the US dropped again (VIX 22.28%). Asian markets are trading with mixed results (Hong Kong 0%, Japan +1.95%).
Today we will learn in Germany and Spain, July’s harmonised CPI, and in the US, the weekly jobless claims data. In Mexico, the Central Bank will meet. In debt auctions, Italy will issue 3Y and 7Y bonds.
ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
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