EUR 100.00 For Business Accounts Only

IBERIAN DAILY 15 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA.

Towards lower inflation?
The world’s stock markets ended the week with gains after price references showed signs of moderation for the 2H’22. Thus, within the Euro STOXX, the week’s best-performing sectors were Travel&Leisure (thanks to the sharp rise in Flutter) and Energy (as oil prices neared US$ 100.00/barrel). By contrast, Pharma and Financial Services saw the week’s biggest drops. On the macro side, in the United Kingdom, GDP declined somewhat less than expected in 2Q’22. In Spain, July’s final inflation slowed slightly. In the Euro zone, June’s industrial output grew more than expected. In the US, August’s University of Michigan confidence index recovered above expectations, despite the worse current conditions subindex data. Early this morning in Japan, the 2Q’22 GDP and June’s industrial output grew less than expected. In China, July’s industrial output and retail sales slowed unexpectedly, and the poor macro data have led the PBoC to cut rates. On the geopolitical front, tension with the US continued following the visit of a US congressional delegation to Taiwan. In US business results, Broadridge Financial Solutions came in as expected.
What we expect for today
The European stock markets would open again with slight gains despite warnings issued by Germany over gas shortages and the risk of rationing. Currently, S&P futures are down -0.28% (the S&P 500 ended -0.74% lower vs. the European closing bell). Volatility in the US fell (VIX 19.5). Asian markets are rising (China’s CSI 300 +0.13% and Japan’s Nikkei +1.14%).
Today we will learn in the US August’s Empire manufacturing index and August’s NAHB index. In US business results, Home Depot, Walmart and Jack Henry, among others, will release their earnings.