EUR 100.00 For Business Accounts Only

IBERIAN DAILY 15 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, ELECTRICITY SECTOR.

The Ibex manages to remain above 8,000 points
The poor US inflation data and the possibility of a more aggressive decision by the Fed with a +100bps rise next week led to new losses in European stock markets, with the exception of Italy. Within the Euro STOXX, most sectors ended with drops, led by Basic Resources and Real Estate vs. the rises of Retail and Energy. On the macro side, in the euro zone, July’s industrial output fell more than expected due mainly to capital and consumer goods. The energy plan presented by the European Commission did not bring any surprises, whereby it plans to raise up to € 140 Bn through windfall taxes. In the UK, both inflation and production prices for August moderated more than expected. In the US, production prices dropped more than expected in general, as opposed to the core data. In China, the government announced it will lift the lockdown of Chengdu city (20 M inhabitants). Meanwhile the PBoC kept loan interest rates unchanged. On another note, the IEA estimates that as a result of the embargo, Russia will cut its crude oil output through Feb’23 to 9.5 mb/d (-17% from 11 mb/d prior to the war and vs. 8 mb/d initially expected by the agency before the embargo.
What we expect for today
European stock markets would open flat with some bullish bias. Currently, S&P futures are flat (the S&P 500 ended practically unchanged vs. the European closing bell). Volatility in the US dropped (VIX 26.16). Asian markets are mixed (China’s CSI 300 -0.7% and Japan’s Nikkei +0.2%).
Today in the US we will learn the Empire manufacturing index and the Philadelphia Fed index for September, retail sales and industrial output for August. In debt auctions: Spain (€ 4.5 Bn in bonds due 2025. 2027 and 2030).